AIA Investment Funds · 2020. 6. 30. · AIA Investment Funds Société d'Investissement à Capital Variable (SICAV) R.C.S. Luxembourg B234950 SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL

AIA Investment Funds

Société d'Investissement à Capital Variable (SICAV)

R.C.S. Luxembourg B234950

SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

For the period ended 30 June 2020

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus,

accompanied by the latest annual report or semi-annual report if published thereafter.


TABLE OF CONTENTS

Page

Management and Administration 2

Statement of Net Assets 3

Statement of Operations 4

Statement of Changes in Net Assets 5

Statistical Information 6

Schedule of Investments

AIA Investment Funds - AIA Asia (Ex Japan) Equity Fund 7

AIA Investment Funds - AIA Diversified Fixed Income Fund 12

AIA Investment Funds - AIA Global Multi-Factor Equity Fund 32

AIA Investment Funds - AIA Global Quality Growth Fund 61

AIA Investment Funds - AIA Greater China Equity Fund 65

AIA Investment Funds - AIA New Multinationals Fund 68

AIA Investment Funds - AIA India Equity Fund (launched on 9 April 2020) 71

Notes to the Financial Statements 73

Additional Disclosures 82


2

MANAGEMENT AND ADMINISTRATION

Directors Depositary Bank

Dr. Mark Konyn HSBC France, Luxembourg Branch Group Chief Investment Officer 16, boulevard d’Avranches AIA Company Limited L-1160 Luxembourg Hong Kong Grand Duchy of Luxembourg

Mr. Garth Brian Jones Management CompanyGroup Chief Financial OfficerAIA Company Limited FundRock Management Company S.A. Hong Kong 33, Rue de Gasperich

L-5826 Hesperange Mr. Kong Siew Cheong Grand Duchy of Luxembourg Regional Director of Investment ManagementAIA Company Limited Global Distributor Hong Kong

AIA Investment Management Private Limited Mr. Cheong Poh Kin 1 Robinson Road Chief Executive Officer #08-00, AIA Tower AIA Investment Management Private Limited 048542 Singapore#08-00, AIA Tower

Singapore

Mr. Claude Niedner (Independent Director) )

AuditorPartnerArendt & Medernach S.A. PricewaterhouseCoopers Luxembourg 2, rue Gerhard Mercator Grand Duchy of Luxembourg L-2182 Luxembourg

Grand Duchy of Luxembourg Mr. Gregory Nicolas (Independent Director)Executive Director – Conducting Officer Administrator and Paying Agent FundRock Management Company S.A.Grand Duchy of Luxembourg HSBC France, Luxembourg Branch

16, boulevard d’Avranches Registered Office L-1160 Luxembourg

Grand Duchy of Luxembourg 16, boulevard d’AvranchesL-1160 Luxembourg Legal Adviser as to matters of Luxembourg lawGrand Duchy of Luxembourg

Arendt & Medernach S.A. Investment Manager 41A, avenue J.F. Kennedy

L-2082 Luxembourg AIA Investment Management Private Limited Grand Duchy of Luxembourg 1 Robinson Road#08-00, AIA Tower Singapore 048542


3

The accompanying notes form an integral part of these financial statements.

COMBINED

AIA

ASIA

(EX JAPAN)

EQUITY

FUND

AIA

DIVERSIFIED

FIXED

INCOME

FUND

AIA

GLOBAL

MULTI-FACTOR

EQUITY

FUND

AIA

GLOBAL

QUALITY

GROWTH

FUND

AIA

GREATER

CHINA

EQUITY

FUND

AIA

NEW

MULTINATIONALS

FUND

AIA

INDIA

EQUITY

FUND*

Notes USD USD USD USD USD USD USD USD

Investments

Investments in securities at cost 622,794,328 129,364,990 108,586,799 65,885,578 71,011,377 40,032,005 73,350,914 134,562,665

Unrealised appreciation/(depreciation) 50,999,546 3,623,585 6,888,243 2,938,633 20,611,394 4,158,125 (54,957) 12,834,523

Investments in securities at market value 2.d 673,793,874 132,988,575 115,475,042 68,824,211 91,622,771 44,190,130 73,295,957 147,397,188

Other Assets

Cash at bank 15,045,465 2,367,566 1,828,603 159,483 1,805,533 1,168,934 2,793,352 4,921,994

Receivable resulting from sale of securities 5,758,345 1,119,697 145,511 345 949,105 605,606 - 2,938,081

Due from shareholders 1,018,790 - 71,121 189,449 379,110 - 379,110 -

Interest receivable 990,293 - 990,293 - - - - -

Dividends receivable 1,087,397 329,932 - 87,720 37,572 191,583 182,382 258,208

Preliminary expenses 2.h 164,888 39,174 42,808 21,934 22,193 16,523 22,256 -

Other receivables 35,545 1,092 1,049 8,197 1,050 1,905 22,252 -

Total Assets 697,894,597 136,846,036 118,554,427 69,291,339 94,817,334 46,174,681 76,695,309 155,515,471

Liabilities

Payable resulting from purchase of securities 2,126,532 77,338 309,925 171,099 1,314,520 253,650 - -

Dividends payable 2.g 777,455 - 777,455 - - - - -

Management fees payable 711,382 162,426 51,761 82,664 105,368 54,478 90,785 163,900

Due to shareholders 2,164,708 - 1,635 151 303 - 303 2,162,316

Other payables 844,634 121,235 143,103 130,803 105,434 73,934 138,359 131,766

Total Liabilities 6,624,711 360,999 1,283,879 384,717 1,525,625 382,062 229,447 2,457,982

Net Assets 691,269,886 136,485,037 117,270,548 68,906,622 93,291,709 45,792,619 76,465,862 153,057,489

*Launched on 9 April 2020.

STATEMENT OF NET ASSETS

AS AT 30 JUNE 2020


4


COMBINED

AIA

ASIA

(EX JAPAN)

EQUITY

FUND

AIA

DIVERSIFIED

FIXED

INCOME

FUND

AIA

GLOBAL

MULTI-FACTOR

EQUITY

FUND

AIA

GLOBAL

QUALITY

GROWTH

FUND

AIA

GREATER

CHINA

EQUITY

FUND

AIA

NEW

MULTINATIONALS

FUND

AIA

INDIA

EQUITY

FUND*


Income

Dividend income 2.e 3,154,952 1,042,033 (14,432) 566,396 223,810 384,941 736,259 215,945

Interest income 2.e 1,846,690 - 1,846,690 - - - - -

Interest income from bank deposits 8,521 2,930 1,071 51 1,124 882 2,452 11

Total Income 5,010,163 1,044,963 1,833,329 566,447 224,934 385,823 738,711 215,956

Expenses

Investment Management fees 3 1,750,640 466,236 148,346 242,085 280,649 161,708 264,671 186,945

Administration fees 4 330,625 51,865 52,990 39,719 44,252 32,407 42,092 67,300

Audit and professional fees 77,731 15,017 16,900 19,310 9,113 6,782 9,037 1,572

Management Company fees 6 40,366 9,327 8,301 4,847 5,619 3,234 5,299 3,739

Preliminary expenses 2.h 31,124 6,967 7,840 4,021 4,228 3,146 4,193 729

Subscription tax 8 26,912 6,218 5,534 3,232 3,746 2,156 3,533 2,493

Directors' fee and expenses 7 15,178 3,397 3,823 1,961 2,062 1,534 2,045 356

Other expenses 153,799 7,097 3,140 1,862 1,889 1,522 1,877 136,412

Total Expenses 2,426,375 566,124 246,874 317,037 351,558 212,489 332,747 399,546

Net Profit/(Loss) from Investments 2,583,788 478,839 1,586,455 249,410 (126,624) 173,334 405,964 (183,590)

Net gain/(loss) realised on:

- investment portfolio 2.d (5,449,584) (3,814,989) (411,405) (1,241,020) 312,560 (479,774) (965,354) 1,150,398

- foreign exchange transactions 2.c (133,238) (31,920) - 10,297 (2,349) 2,721 (1,047) (110,940)

Net Realised Gain/(Loss) (5,582,822) (3,846,909) (411,405) (1,230,723) 310,211 (477,053) (966,401) 1,039,458

Net change in unrealised appreciation on:

- investment portfolio 2.d 28,938,530 (1,596,218) 4,328,376 (590,590) 17,874,850 347,404 (4,259,815) 12,834,523

Net Change in Unrealised Appreciation 28,938,530 (1,596,218) 4,328,376 (590,590) 17,874,850 347,404 (4,259,815) 12,834,523

Increase/(Decrease) in Net Assets as a Result from Operations 25,939,496 (4,964,288) 5,503,426 (1,571,903) 18,058,437 43,685 (4,820,252) 13,690,391


FOR THE PERIOD ENDED 30 JUNE 2020

STATEMENT OF OPERATIONS


5


STATEMENT OF CHANGES IN NET ASSETS

COMBINED

AIA

ASIA

(EX JAPAN)

EQUITY

FUND

AIA

DIVERSIFIED

FIXED

INCOME

FUND

AIA

GLOBAL

MULTI-FACTOR

EQUITY

FUND

AIA

GLOBAL

QUALITY

GROWTH

FUND

AIA

GREATER

CHINA

EQUITY

FUND

AIA

NEW

MULTINATIONALS

FUND

AIA

INDIA

EQUITY

FUND*


Net Assets at the Beginning of the Period 492,508,106 131,297,060 108,638,144 65,739,935 69,061,474 45,843,637 71,927,856 -

Increase/(Decrease) in Net Assets as a Result of Operations 25,939,496 (4,964,288) 5,503,426 (1,571,903) 18,058,437 43,685 (4,820,252) 13,690,391

Capital Transactions

Subscriptions received 190,740,797 11,654,694 8,238,567 5,595,884 10,105,563 229,705 10,345,195 144,571,189

Redemption paid (17,141,058) (1,502,429) (4,332,134) (857,294) (3,933,765) (324,408) (986,937) (5,204,091)

Dividends paid 11 (777,455) - (777,455) - - - - -

Net Increase/(Decrease) in Net Assets as a Result of Capital

Transactions 172,822,284 10,152,265 3,128,978 4,738,590 6,171,798 (94,703) 9,358,258 139,367,098

Total Increase/(Decrease) in Net Assets in the Period 198,761,780 5,187,977 8,632,404 3,166,687 24,230,235 (51,018) 4,538,006 153,057,489

Net Assets at the End of the Period 691,269,886 136,485,037 117,270,548 68,906,622 93,291,709 45,792,619 76,465,862 153,057,489


FOR THE PERIOD ENDED 30 JUNE 2020


6


STATISTICAL INFORMATION

AIA

ASIA

(EX JAPAN)

EQUITY

FUND

AIA

DIVERSIFIED

FIXED

INCOME

FUND

AIA

GLOBAL

MULTI-FACTOR

EQUITY

FUND

AIA

GLOBAL

QUALITY

GROWTH

FUND

AIA

GREATER

CHINA

EQUITY

FUND

AIA

NEW

MULTINATIONALS

FUND

AIA

INDIA

EQUITY

FUND*

Net Asset Value in USD

30 June 2020 136,485,037 117,270,548 68,906,622 93,291,709 45,792,619 76,465,862 153,057,48931 December 2019 131,297,060 108,638,144 65,739,935 69,061,474 45,843,637 71,927,856 -

Number of Shares

30 June 2020 Class I (USD) 13,477,392 5,848,250 6,646,234 7,320,599 4,203,384 7,623,421 13,792,811** Class Z (USD) 15,460^ 21,649*** 25,887*** 24,584*** - 24,273*** - Class ZDS (USD) - 5,000,000 - - - - -

31 December 2019

Class I (USD) 12,373,190 5,481,642 6,216,908 6,769,346 4,212,321 6,714,989 -

Class ZDS (USD) - 5,000,000 - - - - -

Net Asset Value per Share

30 June 2020 Class I (USD) 10.11 10.91 10.33 12.70 10.89 10.00 11.10** Class Z (USD) 11.11^ 10.56*** 10.63*** 11.89*** - 10.87*** - Class ZDS (USD) - 10.65 - - - - -

31 December 2019

Class I (USD) 10.61 10.42 10.57 10.20 10.88 10.71 -

Class ZDS (USD) - 10.30 - - - - -


**This Share Class was launched on 9 April 2020.

***This Share Class was launched on 6 May 2020.

^This Share Class was launched on 22 May 2020.

SCHEDULE OF INVESTMENTS

AIA ASIA (EX JAPAN) EQUITY FUND

Market Value as

Market Value a percentage

Number of shares Security USD of Net Assets

Transferable Securities Admitted to an

Official Stock Exchange Listing 132,988,575 97.44

Equities 132,988,575 97.44

China 57,166,855 41.89

401,940 Alibaba Group Holding 10,859,529 7.96

7,114 Baidu 866,770 0.64

7,245,000 China Construction Bank "H" 5,851,750 4.29

1,245,000 China Longyuan Power "H" 698,766 0.51

1,670,000 China Petroleum & Chemical "H" 695,972 0.51

1,012,000 China Resources Cement 1,237,833 0.91

563,500 Dali Foods Group 341,716 0.25

7,990 GDS Holdings 647,989 0.48

740,000 Guangzhou Automobile Group "H" 532,769 0.39

136,400 Hangzhou Robam Appliances 599,743 0.44

144,900 Inspur Electronic Information 802,644 0.59

52,007 JD Com 3,133,942 2.30

67,100 Jiangsu Hengrui Medicine 875,617 0.64

6,423 JOYY 581,988 0.43

9,300 Kweichou Moutai 1,923,428 1.41

217,485 Luxshare Precision Industry 1,578,612 1.16

104,100 Meituan Dianping 2,308,871 1.69

1,802 NetEase 781,131 0.57

12,696 New Oriental Education & Technology 1,692,504 1.24

6,233 Pinduoduo 559,973 0.41

309,500 Ping An Insurance "H" 3,090,827 2.27

154,000 Sands China 604,042 0.44

38,095 Shanghai International Airport 388,162 0.28

350,000 Sunac China Holdings 1,465,399 1.07


As at 30 June 2020


7




As at 30 June 2020

Market Value as




Official Stock Exchange Listing (continued)

Equities (continued)

China (continued)

22,400 Sunny Optical Technology Group 358,379 0.26

182,100 Tencent Holdings 11,710,112 8.58

49,057 Tencent Music Entertainment Group 672,571 0.49

185,300 Tongwei 455,319 0.33

75,500 Wuxi Biologics Cayman 1,381,326 1.01

283,200 Xiaomi 469,171 0.34

Hong Kong 16,227,953 11.89

196,000 Boc Hong Kong Holdings 622,106 0.46

876,000 Brilliance China Automotive 784,398 0.58

208,600 China Gas Holdings 643,258 0.47

197,500 China Mobile 1,330,181 0.97

387,500 China Overseas Land & Investment 1,172,432 0.86

206,000 China Resources Beer Holdings 1,148,217 0.84

163,500 CK Asset Holdings 971,450 0.71

73,500 CK Hutchison Holdings 470,847 0.34

135,500 CLP Holdings 1,324,326 0.97

650,000 Cnooc 722,926 0.53

463,200 CSPC Pharmaceutical 874,949 0.64

66,000 Galaxy Entertainment Group 448,774 0.33

47,917 HK Exchanges & Clearing 2,037,745 1.49

98,000 Sun Hung Kai Properties 1,251,166 0.92

69,300 The Link Reit 565,992 0.42

770,000 Topsports International 983,556 0.72

33,704 Trip Com Group 875,630 0.64


8




As at 30 June 2020

Market Value as






India 12,504,159 9.16

29,105 Asian Paints 650,438 0.48

122,869 Bharti Airtel 911,007 0.67

8,462 Dr Reddys Laboratories 442,102 0.32

26,070 HDFC Bank 367,997 0.27

32,335 Hindustan Unilever 933,549 0.68

55,446 Housing Development Finance Corp 1,288,452 0.94

179,887 ICICI Bank 837,280 0.61

137,328 Infosys 1,338,490 0.98

71,728 Larsen & Toubro 896,411 0.66

114,293 Mahindra & Mahindra 773,024 0.57

6,478 Maruti Suzuki India 500,881 0.37

86,953 Reliance Industries 1,962,399 1.44

32,736 Tata Consultancy Service 902,704 0.66

13,564 Ultratech Cement 699,425 0.51

Indonesia 2,217,539 1.62

2,154,800 Astra International 725,573 0.53

746,900 Bank Central Asia 1,491,966 1.09

Malaysia 691,900 0.51

180,100 Public Bank 691,900 0.51

Philippines 777,618 0.57

53,620 BDO Unibank 105,434 0.08

74,080 GT Capital 672,184 0.49


9




As at 30 June 2020

Market Value as






Republic of Korea 17,935,112 13.14

34,799 Hana Financial Holdings 781,362 0.57

3,756 Hyundai Mobis 600,832 0.44

6,799 Hyundai Motor 553,434 0.40

5,862 LG Chemical 2,393,142 1.75

1,084 LG Household & Healthcare 1,215,628 0.89

6,386 Naver Corp 1,417,923 1.04

2,152 Posco 311,974 0.23

153,526 Samsung Electronics 6,753,709 4.95

36,190 Samsung Electronics PRF 1,402,065 1.03

13,084 Shinhan Financial Group 313,404 0.23

30,911 Sk Hynix 2,191,639 1.61

Singapore 4,418,276 3.24

113,400 City Developments 683,040 0.50

65,500 DBS Group 975,756 0.72

119,049 Overseas Chinese Banking Corp 767,370 0.56

389,700 Singapore Technologies Engineering 918,255 0.67

609,500 Singapore Telecommunications 1,073,855 0.79

Taiwan 18,528,042 13.57

2,706,000 Chinatrust Financial Holding 1,869,724 1.37

212,000 Formosa Petrochemical Corp 637,036 0.47

242,000 Formosa Plastics 718,966 0.53

450,000 Hon Hai Precision Industries 1,318,586 0.96

8,000 Largan Precision 1,108,244 0.81

125,000 Mediatek 2,448,900 1.79

859,000 Taiwan Semiconductor Manufacturing 9,128,990 6.69

536,000 Uni-President Enterprises 1,297,596 0.95


10




As at 30 June 2020

Market Value as






Thailand 2,521,121 1.85

72,500 Advanced Information Services 434,061 0.32

150,300 Airports of Thailand 294,277 0.22

230,500 Bangkok Bank 798,172 0.58

269,700 CP All 589,150 0.43

334,100 TT Pcl 405,461 0.30

Total Investments 132,988,575 97.44

Other Net Assets and Liabilities 3,496,462 2.56

Net Asset Value 136,485,037 100.00


No schedule of investment changes has been included into the report. Such information is available upon

request from HSBC France, Luxembourg Branch, the Fund's Administrator.

11


AIA DIVERSIFIED FIXED INCOME FUND

Market Value as


Face Value Security USD of Net Assets



Bonds 24,542,413 20.94

Brazil 470,500 0.40

400,000 Vale Overseas 6.25% 10/08/2026 470,500 0.40

Canada 213,578 0.18

200,000 Canadian Natural Resources 3.85% 01/06/2027 213,578 0.18

China 358,921 0.31

325,000 Tencent Holdings 3.375% 11/04/2026 358,921 0.31

Guernsey 433,475 0.37

375,000 Credit Suisse Group Funding Guernsey 4.55% 17/04/2026 433,475 0.37

Indonesia 479,375 0.41

250,000 Pertamina Persero 4.3% 20/05/2023 263,875 0.23

200,000 Pertamina Persero 4.7% 30/07/2049 215,500 0.18

Ireland 1,003,263 0.86

450,000 Ge Capital Intl Funding 4.418% 15/11/2035 456,721 0.39

225,000 Johnson Controls Internati 3.625% 02/07/2024 240,532 0.21

275,000 Shire Acquisitions Inv Ireland 3.2% 23/09/2026 306,010 0.26

Japan 427,695 0.36

400,000 Mitsubishi UFJ Fin 2.757% 13/09/2026 427,695 0.36

Luxembourg 193,437 0.16

110,000 DH Europe Finance II 2.60% 15/11/2029 117,314 0.10

70,000 DH Europe Finance II 3.25% 15/11/2039 76,123 0.06


As at 30 June 2020


12




As at 30 June 2020

Market Value as





Bonds (continued)

Mexico 908,932 0.78

265,000 America Movil 2.875% 07/05/2030 280,672 0.24

350,000 Fomento Economico Mexicano 3.5% 16/01/2050 363,125 0.31

225,000 Grupo Televisa 6.625% 18/03/2025 265,135 0.23

Panama 174,750 0.15

150,000 Empresa de Transmision Electric 5.125% 02/05/2049 174,750 0.15

Republic of Korea 488,417 0.42

200,000 Korea Gas 2.875% 16/07/2029 217,921 0.19

250,000 Korea Water Resources 3.875% 15/05/2023 270,496 0.23

Spain 663,778 0.57

200,000 Banco Santander 3.49% 28/05/2030 212,119 0.18

200,000 Banco Santander 4.25% 11/04/2027 221,427 0.19

175,000 Telefonica Emisiones 5.52% 01/03/2049 230,232 0.20

The Netherlands 577,852 0.49

290,000 MDGH GMTN 2.5% 07/11/2024 298,116 0.25

225,000 Shell International Fin 4.55% 12/08/2043 279,736 0.24

United Arab Emirates 459,043 0.39

200,000 DP World 4.7% 30/09/2049 196,008 0.17

250,000 DP World Crescent 4.848% 26/09/2028 263,035 0.22


13




As at 30 June 2020

Market Value as





Bonds (continued)

United Kingdom 3,537,372 3.02

75,000 AON 4.6% 14/06/2044 91,507 0.08

500,000 Barclays 4.337% 10/01/2028 553,730 0.47

350,000 Barclays 4.375% 01/12/2026 394,694 0.34

300,000 BP Capital Markets 4.875% VRN Perp 310,461 0.26

400,000 HSBC Holdings 5.25% 14/03/2044 502,324 0.43

200,000 Lloyds Banking Group 2.438% VRN 05/02/2026 206,384 0.18

575,000 Lloyds Banking Group 3.87% VRN 09/07/2025 623,654 0.53

350,000 Lloyds Banking Group 4.45% 08/05/2025 394,320 0.34

225,000 Lloyds Banking Group PLC 4.55% 16/08/2028 264,011 0.22

150,000 Vodafone Group 5.25% 30/05/2048 196,287 0.17

United States of America 14,152,025 12.07

200,000 ABB Finance 4.375% 08/05/2042 250,424 0.21

40,000 AbbVie 3.2% 14/05/2026 43,783 0.04

100,000 Abbvie 4.3% 14/05/2036 118,143 0.10

95,000 AbbVie 4.45% 14/05/2046 115,119 0.10

75,000 Aetna 4.5% 15/05/2042 88,184 0.08

150,000 Air Lease 3.625% 01/04/2027 146,250 0.13

250,000 Anheuser Busch InBev Worldwide 4.439% 06/10/2048 288,310 0.25

200,000 AnheuserBusch InBev Finance 4.625% 01/02/2044 230,653 0.20

175,000 Anthem 2.875% 15/09/2029 189,546 0.16

75,000 Anthem 3.7% 15/09/2049 85,212 0.07

200,000 AON 3.75% 02/05/2029 227,881 0.19

300,000 AT&T 4.25% 01/03/2027 342,689 0.29

250,000 AT&T 4.3% 15/12/2042 280,128 0.24

150,000 AT&T 5.7% 01/03/2057 206,895 0.18


14




As at 30 June 2020

Market Value as





Bonds (continued)

United States of America (continued)

250,000 AvalonBay Communities 3.35% 15/05/2027 279,294 0.24

175,000 Baltimore Gas and Electric 3.5% 15/08/2046 193,476 0.16

140,000 Boeing 3.1% 01/05/2026 142,321 0.12

95,000 Boeing 3.375% 15/06/2046 79,741 0.07

250,000 BP Capital Markets America 3.119% 04/05/2026 272,636 0.23

130,000 BP Capital Markets America 3.543% 06/04/2027 144,114 0.12

20,000 CenterPoint Energy Resources 4.1% 01/09/2047 22,870 0.02

175,000 Citigroup 3.7% 12/01/2026 195,605 0.17

150,000 CMS Energy 3.45% 15/08/2027 165,061 0.14

544,000 Concho Resources 4.375% 15/01/2025 560,513 0.48

100,000 Dollar General 3.875% 15/04/2027 115,323 0.10

100,000 Dow Chemical 4.375% 15/11/2042 112,110 0.10

325,000 Dr Pepper Snapple 2.55% 15/09/2026 348,106 0.30

75,000 Eaton Vance Corp 3.5% 06/04/2027 82,428 0.07

125,000 Energy Transfer Partners 6.05% 01/06/2041 131,085 0.11

300,000 Entergy 2.95% 01/09/2026 329,823 0.28

275,000 Fidelity National Info Services 3% 15/08/2026 303,207 0.26

325,000 Firstenergy 3.9% 15/07/2027 368,308 0.31

125,000 Firstenergy 4.85% 15/07/2047 157,946 0.13

22,000 General Electric 4.125% 09/10/2042 21,222 0.02

150,000 Goldman Sachs Group 3.5% 16/11/2026 164,909 0.14


75,000 Halliburton Company 4.75% 01/08/2043 73,953 0.06

200,000 HCA 5.5% 15/06/2047 246,016 0.21

120,000 Hess Corporation 5.8% 01/04/2047 129,059 0.11

75,000 Home Depot 4.4% 15/03/2045 95,588 0.08


15




As at 30 June 2020

Market Value as





Bonds (continued)


75,000 International Paper 4.35% 15/08/2048 87,934 0.07

450,000 JP Morgan Chase & Co 3.625% 01/12/2027 496,878 0.42

175,000 Kinder Morgan Delaware 5.3% 01/12/2034 201,533 0.17

150,000 Kroger 4.65% 15/01/2048 188,347 0.16

425,000 Lowe's 3.1% 03/05/2027 471,425 0.40

144,000 Marathon Oil 4.4% 15/07/2027 141,150 0.12

350,000 McDonalds 4.875% 15/07/2040 442,426 0.38

175,000 Newmont Goldcorp 4.875% 15/03/2042 221,885 0.19

125,000 NiSource Finance 4.375% 15/05/2047 151,923 0.13

150,000 Norfolk Southern 3.95% 01/10/2042 174,151 0.15

385,000 Oracle 4% 15/11/2047 453,767 0.39

200,000 Plains All American Pipeline 4.5% 15/12/2026 211,174 0.18

75,000 PPL Electric Utilities 3.95% 01/06/2047 92,683 0.08

60,000 Regency Centers 4.4% 01/02/2047 67,115 0.06

250,000 Reliance Holdings 5.4% 14/02/2022 263,684 0.22

5,000 Southern Cal Edison 5.55% 15/01/2037 6,366 0.01

35,000 Southern California Edison 5.625% 01/02/2036 44,643 0.04

175,000 Tyson Foods 3.55% 02/06/2027 193,465 0.16

85,000 UDR 3.1% 01/11/2034 91,052 0.08

150,000 Union Pacific 3.6% 15/09/2037 168,086 0.14

350,000 Verizon Communications 4.125% 16/03/2027 413,981 0.35




115,000 Virginia Electric And Power 3.8% 15/09/2047 135,296 0.12

250,000 Waste Management 3.9% 01/03/2035 296,787 0.25

31,000 Wells Fargo & Co 4.4% 14/06/2046 37,030 0.03


16




As at 30 June 2020

Market Value as



Transferable Securities Traded on

Another Regulated Market 88,675,643 75.61

Bonds 88,675,643 75.61

Australia 717,866 0.61

255,000 Commonwealth Bank of Australia 3.743% 12/09/2039 275,269 0.23

421,000 Macquarie Bank 3.624% 03/06/2030 442,597 0.38

Bermuda 219,989 0.19

200,000 Ooredoo International Finance Ltd 3.875% 31/01/2028 219,989 0.19

Canada 1,281,523 1.09

170,000 Alimentation CoucheTard 3.8% 25/01/2050 177,303 0.15

350,000 Enbridge 3.7% 15/07/2027 386,720 0.33

125,000 Husky Energy 4.4% 15/04/2029 121,645 0.10

205,000 Rogers Communications 3.7% 15/11/2049 225,798 0.19

100,000 Suncor Energy 4% 15/11/2047 104,505 0.09

225,000 Transcanada PipeLines 4.75% 15/05/2038 265,552 0.23

Cayman Islands 260,364 0.22

250,000 Swire Pacific MTN Financing 3.0% 05/07/2024 260,364 0.22

Chile 416,300 0.36

200,000 Celulosa Arauco y Constitucion S 5.15% 29/01/2050 198,802 0.17

200,000 Corp Nacional del Cobre de Chile 3.75% 15/01/2031 217,498 0.19

Colombia 200,750 0.17

200,000 Empresas Publicas de Medellin ES 4.25% 18/07/2029 200,750 0.17


17




As at 30 June 2020

Market Value as




Another Regulated Market (continued)

Bonds (continued)

France 416,068 0.35

250,000 Credit Agricole 3.25% 14/01/2030 268,780 0.23

130,000 Total Capital International 3.455% 19/02/2029 147,288 0.12

Japan 734,035 0.63

255,000 Sumitomo Mitsui Financial Group 2.75% 15/01/2030 269,879 0.23

375,000 Takeda Pharmaceutical 5% 26/11/2028 464,156 0.40

Luxembourg 168,682 0.14

150,000 IngersollRand Luxembourg Finance 3.8% 21/03/2029 168,682 0.14

Malaysia 733,658 0.63

250,000 Petronas Capital 3.125% 18/03/2022 257,479 0.22



Mexico 401,430 0.34

200,000 KimberlyClark de Mexico 2.431% 01/07/2031 201,930 0.17

200,000 Minera Mexico SA de CV 4.5% 26/01/2050 199,500 0.17

Peru 203,752 0.17

200,000 Kallpa Generacion SA 4.125% 16/08/2027 203,752 0.17


18




As at 30 June 2020

Market Value as





Bonds (continued)

The Netherlands 1,125,419 0.96

400,000 Braskem Netherlands Finance BV 4.5% 10/01/2028 374,380 0.32

70,000 NXP BV NXP Funding 2.7% 01/05/2025 73,439 0.06



United Arab Emirates 236,550 0.20

200,000 Abu Dhabi Government International 3.875% 16/04/2050 236,550 0.20


325,000 Royal Bank of Scotland Group PLC 3.754% VRN 01/11/2029 335,550 0.29

555,000 Royal Bank of Scotland Group PLC 4.8% 05/04/2026 642,263 0.55

250,000 Trinity Acquisition 4.4% 15/03/2026 285,049 0.24

80,000 Vodafone Group 4.25% 17/09/2050 94,394 0.08


165,000 Abbott Laboratories 1.15% 30/01/2028 165,409 0.14

445,000 AbbVie 3.2% 21/11/2029 489,636 0.42

475,000 AbbVie 3.8% 15/03/2025 526,120 0.45

425,000 AbbVie 3.85% 15/06/2024 465,748 0.40

300,000 AbbVie 4.05% 21/11/2039 351,267 0.30

75,000 AbbVie 4.25% 21/11/2049 90,483 0.08

225,000 AbbVie 4.7% 14/05/2045 280,571 0.24

770,000 Air Lease 3% 01/02/2030 711,241 0.61

490,000 Air Lease 3.375% 01/07/2025 489,825 0.42

390,000 Alexandria Real Estate Equities 2.75% 15/12/2029 416,965 0.36

75,000 Ameren Illinois 4.15% 15/03/2046 93,857 0.08

165,000 American Tower 2.9% 15/01/2030 175,530 0.15


19




As at 30 June 2020

Market Value as





Bonds (continued)


60,000 American Tower 3.7% 15/10/2049 65,686 0.06

275,000 American Tower 3.95% 15/03/2029 313,372 0.27

65,000 Amgen 2.2% 21/02/2027 68,273 0.06

115,000 Analog Devices 2.95% 01/04/2025 124,428 0.11

50,000 Analog Devices 5.3% 15/12/2045 68,038 0.06

210,000 Anheuser Busch Inbev Finance 4.9% 01/02/2046 253,817 0.22

275,000 AnheuserBusch AnheuserBu 4.7% 01/02/2036 323,709 0.28

325,000 AnheuserBusch Cos AnheuserBu 4.9% 01/02/2046 396,906 0.34

250,000 AnheuserBusch InBev Worldwide 4% 13/04/2028 288,416 0.25

65,000 AnheuserBusch InBev Worldwide 4.6% 15/04/2048 75,741 0.06

75,000 AnheuserBusch InBev Worldwide I 4.375% 15/04/2038 84,746 0.07

442,000 Anthem 2.25% 15/05/2030 454,861 0.39

450,000 Anthem 3.65% 01/12/2027 511,773 0.44

190,000 Anthem 4.65% 15/08/2044 242,045 0.21

175,000 Apple 4.25% 09/02/2047 227,425 0.19

75,000 Aptiv 4.4% 01/10/2046 72,827 0.06

55,000 AT&T 0% 15/06/2042 Step 65,751 0.06

371,000 AT&T 2.75% 01/06/2031 385,745 0.33

325,000 AT&T 4.125% 17/02/2026 368,673 0.31

375,000 AT&T 4.3% 15/02/2030 438,315 0.37

150,000 AT&T 4.8% 15/06/2044 177,033 0.15

275,000 AT&T 4.9% 15/08/2037 331,489 0.28

20,000 AT&T 5.375% 15/10/2041 24,409 0.02

375,000 AT&T FRN 12/06/2024 375,214 0.32

485,000 AvalonBay Communities 2.45% 15/01/2031 517,091 0.44

75,000 Baker Hughes a GE LLC 4.08% 15/12/2047 78,732 0.07

250,000 Baker Hughes Holdings 4.486% 01/05/2030 288,603 0.25

110,000 Baltimore Gas Electric 3.2% 15/09/2049 116,827 0.10


20




As at 30 June 2020

Market Value as





Bonds (continued)


80,000 Baltimore Gas and Electric 2.9% 15/06/2050 81,418 0.07

325,000 Bank of America 2.456% VRN 22/10/2025 341,622 0.29





325,000 Bank of America 4% 22/01/2025 358,134 0.31

575,000 Bank of America 4.183% 25/11/2027 655,058 0.56

150,000 Bank of America 4.2% 26/08/2024 165,583 0.14

270,000 Bank of America 6.1% VRN Perp 284,175 0.24

300,000 Becton Dickinson & Co. 2.823% 20/05/2030 317,969 0.27

125,000 Becton Dickinson 3.7% 06/06/2027 139,062 0.12

400,000 Becton Dickinson FRN 06/06/2022 400,622 0.34

50,000 Black Hills 3.05% 15/10/2029 53,023 0.05

1,044,000 BMW US Capital LLC 3.9% 09/04/2025 1,158,860 0.99

320,000 BorgWarner 2.65% 01/07/2027 327,466 0.28

525,000 Boston Properties 3.65% 01/02/2026 581,398 0.50

50,000 Boston Scientific 4.7% 01/03/2049 63,532 0.05

335,000 Brixmor Operating Partnership 4.125% 15/05/2029 345,289 0.29

550,000 Broadcom 3.125% 15/01/2025 582,761 0.50

355,000 Broadcom 3.15% 15/11/2025 378,212 0.32

345,000 Broadcom 3.50% 15/01/2028 364,609 0.31

565,000 Broadcom 4.15% 15/11/2030 615,552 0.53

505,000 Broadcom 4.7% 15/04/2025 568,594 0.49

125,000 Burlington North Santa 4.45% 15/03/2043 158,252 0.14

50,000 Cameron 3.701% 15/01/2039 54,255 0.05

125,000 Carlisle Cos 2.75% 01/03/2030 128,667 0.11


21




As at 30 June 2020

Market Value as





Bonds (continued)


515,000 Carrier Global 2.7% 15/02/2031 513,459 0.44

180,000 CBS 4.6% 15/01/2045 193,702 0.17

45,000 CenterPoint Energy Houston Elect 3.55% 01/08/2042 50,480 0.04

35,000 CenterPoint Energy Houston Electric 2.9% 01/07/2050 36,617 0.03

125,000 Charles Schwab 3.45% 13/02/2026 140,759 0.12

400,000 Charles Schwab 5.375% VRN Perp 426,400 0.36

65,000 Charter Com Operating Capita 5.375% 01/05/2047 77,186 0.07

275,000 Charter Communications Operating 3.75% 15/02/2028 299,537 0.26





280,000 Cigna 3.875% 15/10/2047 320,506 0.27

250,000 Cigna 4.375% 15/10/2028 296,133 0.25

390,000 Cigna 4.5% 25/02/2026 453,677 0.39

150,000 Cigna 4.8% 15/08/2038 190,934 0.16

30,000 Cigna 4.9% 15/12/2048 39,864 0.03

70,000 Cimarex Energy 3.9% 15/05/2027 70,079 0.06

135,000 Citigroup 2.666% VRN 29/01/2031 139,984 0.12

885,000 Citigroup 3.106% VRN 08/04/2026 950,125 0.81

350,000 Citigroup 3.668% VRN 24/07/2028 390,415 0.33

290,000 Citigroup 4.075% VRN 23/04/2029 331,108 0.28

450,000 Citigroup 4.125% 25/07/2028 507,952 0.43

220,000 Citigroup 4.412% VRN 31/03/2031 260,039 0.22

475,000 Citigroup 4.6% 09/03/2026 541,709 0.46

100,000 Citizens Financial 4.3% 03/12/2025 111,106 0.09


22




As at 30 June 2020

Market Value as





Bonds (continued)


280,000 Colonial Enterprises 3.25% 15/05/2030 302,929 0.26

60,000 Comcast 2.8% 15/01/2051 61,442 0.05

410,000 Comcast 3.3% 01/04/2027 460,285 0.39

40,000 Comcast 3.75% 01/04/2040 46,995 0.04

190,000 Comcast 3.9% 01/03/2038 223,584 0.19

150,000 Comcast 3.999% 01/11/2049 181,100 0.15

65,000 Comcast 4.6% 15/10/2038 81,920 0.07

125,000 Comcast 4.75% 01/03/2044 164,478 0.14

125,000 Comcast Corp 4% 15/08/2047 150,960 0.13

195,000 Commonwealth of Massachusetts 2.9% 01/09/2049 214,260 0.18

450,000 Concho Resources 3.75% 01/10/2027 480,378 0.41

110,000 ConocoPhillips 4.3% 15/11/2044 134,344 0.11

115,000 Corning 4.375% 15/11/2057 132,496 0.11

100,000 Crown Castle International 3.3% 01/07/2030 108,779 0.09





260,000 CSX 4.25% 15/03/2029 312,010 0.27

175,000 CSX Corp 4.1% 15/03/2044 214,037 0.18

275,000 CVS Health 3.875% 20/07/2025 308,399 0.26

550,000 CVS Health 4.30% 25/03/2028 638,340 0.54

250,000 CVS Health 4.78% 25/03/2038 309,588 0.26

435,000 CVS Health 5.05% 25/03/2048 565,684 0.48

150,000 CVS Health 5.125% 20/07/2045 192,175 0.16

150,000 Dell International 4.9% 01/10/2026 165,666 0.14


23




As at 30 June 2020

Market Value as





Bonds (continued)


60,000 Dell International 5.85% 15/07/2025 68,854 0.06

75,000 Devon Energy 5% 15/06/2045 67,059 0.06

40,000 Diamond 2 8.35% 15/07/2046 52,758 0.04

125,000 Diamondback Energy 3.5% 01/12/2029 121,174 0.10

80,000 Diamondback Energy 4.75% 31/05/2025 85,803 0.07

525,000 Digital Realty Trust 3.6% 01/07/2029 600,266 0.51

150,000 Discovery Communications 4.875% 01/04/2043 170,098 0.15

100,000 Discovery Communications 4.95% 15/05/2042 112,147 0.10

105,000 Discovery Communications 5% 20/09/2037 124,739 0.11

165,000 Discovery Communications LLC 5.2% 20/09/2047 194,678 0.17

150,000 Dover 2.95% 04/11/2029 160,831 0.14

85,000 Dow Chemical 5.55% 30/11/2048 111,072 0.09

100,000 DowDuPont 5.319% 15/11/2038 125,913 0.11

630,000 DR Horton 2.5% 15/10/2024 655,500 0.56

285,000 Duke Energy Carolinas 3.7% 01/12/2047 336,566 0.29



125,000 Duke Energy Progress 4.375% 30/03/2044 158,060 0.13

25,000 Duke Realty 1.75% 01/07/2030 24,782 0.02

250,000 Duke Realty 2.875% 15/11/2029 272,981 0.23

200,000 Energy Transfer Operating 6.25% 15/04/2049 213,127 0.18



200,000 Entergy 2.8% 15/06/2030 211,386 0.18

100,000 Enterprise Products Operating 4.25% 15/02/2048 110,511 0.09

200,000 Enterprise Products Operating 4.45% 15/02/2043 219,959 0.19

105,000 Enterprise Products Operating 5.375% VRN 15/02/2078 93,581 0.08


24




As at 30 June 2020

Market Value as





Bonds (continued)


50,000 EOG Resources 3.15% 01/04/2025 54,407 0.05

330,000 EOG Resources 4.375% 15/04/2030 391,705 0.33

115,000 Equinix 2.9% 18/11/2026 123,999 0.11

405,000 Equinix 3.2% 18/11/2029 438,452 0.37

200,000 ERP Operating 4.15% 01/12/2028 236,968 0.20

55,000 Essex Portfolio 2.65% 15/03/2032 58,227 0.05

75,000 Exelon 4.45% 15/04/2046 90,754 0.08

200,000 Expedia Group 5% 15/02/2026 207,560 0.18

190,000 Exxon Mobil Corporation 3.567% 06/03/2045 210,726 0.18

110,000 FedEx 4.55% 01/04/2046 118,654 0.10

75,000 Fedex 4.75% 15/11/2045 83,008 0.07

526,000 Fifth Third Bancorp 2.55% 05/05/2027 566,009 0.48

105,000 FirstEnergy 2.05% 01/03/2025 108,773 0.09

180,000 Fiserv 2.65% 01/06/2030 190,360 0.16

425,000 Fiserv 4.2% 01/10/2028 497,817 0.42

225,000 Fiserv 4.4% 01/07/2049 274,026 0.23




75,000 General Motors 5.2% 01/04/2045 72,216 0.06

50,000 General Motors 6.125% 01/10/2025 56,225 0.05

285,000 General Motors Financial 2.75% 20/06/2025 281,011 0.24





45,000 Global Payments 2.9% 15/05/2030 47,181 0.04


25




As at 30 June 2020

Market Value as





Bonds (continued)


300,000 Global Payments 3.2% 15/08/2029 319,061 0.27

175,000 Goldman Sachs 3.5% 23/01/2025 190,699 0.16

75,000 Goldman Sachs 5.15% 22/05/2045 97,695 0.08


225,000 Harris 4.4% 15/06/2028 268,036 0.23

325,000 HCA 5.25% 15/04/2025 373,110 0.32

205,000 Huntington Bancshares 4% 15/05/2025 231,470 0.20

560,000 Hyundai Capital America 3% 10/02/2027 553,821 0.47

100,000 IBM 4% 20/06/2042 119,598 0.10

100,000 Ingersoll Rand Global Holding 3.75% 21/08/2028 111,114 0.09

485,000 International Business Machines 2.85% 15/05/2040 501,917 0.43

100,000 International Business Machines 2.95% 15/05/2050 103,208 0.09

135,000 International Paper 5.15% 15/05/2046 164,845 0.14

400,000 Interpublic Group of Cos 4.75% 30/03/2030 471,236 0.40

150,000 ITC Holdings 3.35% 15/11/2027 166,248 0.14

1,310,000 JPMorgan Chase & Co 2.083% VRN 22/04/2026 1,360,637 1.16

463,000 JPMorgan Chase & Co 2.182% VRN 01/06/2028 479,904 0.41




100,000 Kansas City Southern 2.875% 15/11/2029 105,869 0.09

165,000 Keurig Dr Pepper 4.985% 25/05/2038 211,358 0.18

125,000 Keycorp 2.55% 01/10/2029 128,828 0.11

175,000 KeyCorp 4.15% 29/10/2025 200,619 0.17

225,000 Kinder Morgan Energy Partners 5% 01/03/2043 251,501 0.21

90,000 L3Harris Technologies 4.854% 27/04/2035 115,084 0.10

265,000 Lam Research 1.9% 15/06/2030 269,600 0.23

115,000 Lam Research 2.875% 15/06/2050 118,661 0.10


26




As at 30 June 2020

Market Value as





Bonds (continued)


75,000 Lear 5.25% 15/05/2049 76,691 0.07

293,000 Lowes Cos 4.5% 15/04/2030 358,025 0.31

280,000 Lowes Cos 4.55% 05/04/2049 354,191 0.30

65,000 LYB International Finance III 4.2% 15/10/2049 70,236 0.06

730,000 Magellan Midstream Partners 3.25% 01/06/2030 772,508 0.66

150,000 Magellan Midstream Partners 5% 01/03/2026 172,433 0.15

465,000 Marathon Petroleum 3.8% 01/04/2028 496,120 0.42

125,000 Marathon Petroleum 4.5% 01/04/2048 129,153 0.11

225,000 Marsh McLennan 2.25% 15/11/2030 233,543 0.20

200,000 Marsh McLennan 4.75% 15/03/2039 257,913 0.22

575,000 Marsh And Mclennan 3.5% 10/03/2025 634,230 0.54

130,000 Martin Marietta Materials 2.5% 15/03/2030 131,132 0.11

245,000 McDonalds 3.625% 01/09/2049 270,138 0.23

15,000 McDonalds 4.2% 01/04/2050 18,015 0.02

740,000 Morgan Stanley 2.188% VRN 28/04/2026 768,259 0.66


175,000 Morgan Stanley 3.95% 23/04/2027 196,508 0.17


100,000 Morgan Stanley 4% 23/07/2025 113,057 0.10


135,000 Motorola Solutions 5.5% 01/09/2044 152,352 0.13

75,000 MPLX 4.5% 15/04/2038 74,437 0.06

290,000 MPLX 4.8% 15/02/2029 321,558 0.27

5,000 MPLX 5.2% 01/12/2047 5,226 -

150,000 National Retail Properties 4.3% 15/10/2028 163,842 0.14


27




As at 30 June 2020

Market Value as





Bonds (continued)


47,000 Newfield Exploration 5.375% 01/01/2026 44,298 0.04

40,000 Newmont 2.25% 01/10/2030 40,401 0.03

659,000 NextEra Energy Capital Holdings 2.25% 01/06/2030 678,426 0.58

250,000 NextEra Energy Capital Holdings 2.75% 01/11/2029 269,325 0.23

70,000 NiSource 3.6% 01/05/2030 80,103 0.07

110,000 Noble Energy 5.05% 15/11/2044 101,333 0.09



135,000 Ohio Power 4% 01/06/2049 164,712 0.14

170,000 Oncor Electric Delivery 3.1% 15/09/2049 185,757 0.16

260,000 Oracle 4.125% 15/05/2045 309,046 0.26

80,000 Oracle 4.3% 08/07/2034 98,501 0.08

430,000 Otis Worldwide 2.293% 05/04/2027 449,651 0.38

50,000 Parker-Hannifin 4.45% 21/11/2044 59,364 0.05

230,000 PayPal Holdings 1.65% 01/06/2025 237,733 0.20

170,000 PayPal Holdings 2.3% 01/06/2030 176,640 0.15

475,000 Penske Truck Leasing 3.4% 15/11/2026 501,091 0.43

540,000 Penske Truck Leasing 4% 15/07/2025 592,122 0.50

140,000 Pfizer 2.55% 28/05/2040 145,960 0.12

125,000 Phillips 66 3.85% 09/04/2025 138,282 0.12

115,000 Phillips 66 4.875% 15/11/2044 140,422 0.12

20,000 Pioneer Natural Resources 4.45% 15/01/2026 23,083 0.02

275,000 Prologis 3.875% 15/09/2028 326,435 0.28

50,000 QUALCOMM 4.3% 20/05/2047 62,729 0.05

125,000 Republic Services 3.95% 15/05/2028 144,717 0.12

275,000 Rockwell Collins 4.35% 15/04/2047 324,979 0.28

365,000 Sabine Pass Liquefaction 4.2% 15/03/2028 391,452 0.33


28




As at 30 June 2020

Market Value as





Bonds (continued)


170,000 Sempra Energy 3.8% 01/02/2038 183,267 0.16

135,000 Sempra Energy 4% 01/02/2048 154,157 0.13

80,000 SES Global Americas Holdings 5.3% 25/03/2044 79,887 0.07

360,000 Sherwin Williams 2.95% 15/08/2029 386,475 0.33

375,000 Southern Cal Edison 3.7% 01/08/2025 415,987 0.35

235,000 Stanley Black Decker 4% VRN 15/03/2060 235,061 0.20

135,000 Starbucks 3.35% 12/03/2050 136,698 0.12

110,000 Sunoco Logistics Partner 5.3% 01/04/2044 105,662 0.09

100,000 Sysco 3.3% 15/02/2050 94,522 0.08

75,000 Sysco Corporation 3.75% 01/10/2025 82,047 0.07

175,000 Tmobile USA 3.75% 15/04/2027 193,678 0.17

1,245,000 TMobile USA 3.875% 15/04/2030 1,387,204 1.18

135,000 TMobile USA 4.5% 15/04/2050 159,795 0.14

350,000 Total System Services 4.8% 01/04/2026 410,658 0.35

325,000 Truist Financial 4.95% VRN Perp 330,850 0.28

325,000 Tyson Foods 4% 01/03/2026 371,756 0.32

160,000 UDR 3.2% 15/01/2030 173,497 0.15

55,000 Union Pacific 3.75% 05/02/2070 61,304 0.05

75,000 Union Pacific 3.839% 20/03/2060 88,313 0.08

240,000 Union Pacific 3.95% 10/09/2028 282,994 0.24

125,000 Union Pacific 4.25% 15/04/2043 151,154 0.13

165,000 Union Pacific 4.3% 01/03/2049 209,991 0.18

175,000 United Parcel Service 3.4% 15/03/2029 200,145 0.17

90,000 Unitedhealth Group 3.5% 15/08/2039 104,817 0.09

150,000 Unitedhealth Group 3.95% 15/10/2042 177,933 0.15


29




As at 30 June 2020

Market Value as





Bonds (continued)


195,000 UnitedHealth Group 4.625% 15/07/2035 252,034 0.21

125,000 Valero Energy 4% 01/04/2029 138,808 0.12

60,000 Valero Energy 4.9% 15/03/2045 71,060 0.06

250,000 Ventas Realty 4.125% 15/01/2026 268,758 0.23




150,000 Virginia Electric & Power 4.6% 01/12/2048 196,833 0.17

210,000 Virginia Electric and Power 4.2% 15/05/2045 255,896 0.22

957,000 Volkswagen Group of America 3.125% 12/05/2023 1,006,337 0.86

200,000 Volkswagen Group of America Finance 3.35% 13/05/2025 214,751 0.18

175,000 Walgreens Boots Alliance 3.45% 01/06/2026 189,345 0.16

50,000 Walgreens Boots Alliance 4.8% 18/11/2044 53,722 0.05

70,000 Walmart 3.95% 28/06/2038 89,269 0.08

50,000 Walmart 4.05% 29/06/2048 65,702 0.06

55,000 Waste Management 4.15% 15/07/2049 68,745 0.06

310,000 Wells Fargo & Co 5.9% VRN Perp 305,738 0.26

370,000 Wells Fargo 2.879% VRN 30/10/2030 394,634 0.34

830,000 Wells Fargo 3.196% VRN 17/06/2027 899,296 0.77

200,000 Welltower 4.25% 01/04/2026 223,311 0.19

360,000 Williams Companies 3.75% 15/06/2027 387,137 0.33

30,000 Williams Companies 4.9% 15/01/2045 31,969 0.03

36,000 Willis North America 3.875% 15/09/2049 39,803 0.03

150,000 WRKCo 4.65% 15/03/2026 174,581 0.15

65,000 WRKCo 4.9% 15/03/2029 77,082 0.07


30




As at 30 June 2020

Market Value as



Other Transferable Securities 2,256,986 1.92

Bonds 2,256,986 1.92

Mexico 322,671 0.27

295,000 Banco Santander Mexico 5.375% 17/04/2025 322,671 0.27


745,000 New York State Dormitory State 2.657% 15/02/2028 787,317 0.67

460,000 United States Treasury Note Bond 2% 15/02/2050 531,246 0.45

635,000 United States Treasury Note Bond 1.25% 15/05/2050 615,752 0.53



Net Asset Value 117,270,548 100.00




31


AIA GLOBAL MULTI-FACTOR EQUITY FUND

Market Value as





Equities 67,443,700 97.89

Australia 1,058,810 1.54

1,704 APA 12,934 0.02

804 Aristocrat Leisure 14,028 0.02

647 ASX 37,576 0.05

98 Cochlear 12,622 0.02

5,918 Coles Group 69,025 0.10

227 Commonwealth Bank of Australia 10,806 0.02

1,786 CSL 351,724 0.51

6,433 Fortescue Metals Group 60,980 0.09

512 Magellan Financial 20,257 0.03

8,370 Medibank 17,018 0.02

1,761 Newcrest Mining 38,103 0.06

2,015 Northern Star Resources 18,409 0.03

144 REA Group 10,485 0.01

660 Rio Tinto 44,202 0.06

1,240 Sonic Healthcare 25,723 0.04

5,792 Telstra Corp 12,453 0.02

2,092 Transurban Group 19,974 0.03

5,810 Wesfarmers 178,313 0.26

4,088 Woolworths 104,178 0.15

Belgium 203,258 0.30

1,629 Belgacom 33,158 0.05

665 Colruyt 36,642 0.05

111 Galapagos 21,717 0.03

451 Telenet Group Holding 18,410 0.03

810 UCB 93,331 0.14


As at 30 June 2020


32




As at 30 June 2020

Market Value as






Bermuda 391,346 0.57

4,700 Dairy Farm International 21,808 0.03

364 Everest Re Group 73,827 0.11

407 IHS Markit 29,646 0.04

2,400 Jardine Matheson 100,152 0.15

2,600 Jardine Strategic 56,030 0.08

733 Marvell Tech Group 25,398 0.04

500 Renaissancere Holdings 84,485 0.12

Canada 2,478,876 3.60

3,153 Agnico Eagle Mines 196,117 0.28

1,247 Algonquin Power & Utlilities 15,989 0.02

3,170 B2Gold 17,343 0.02

13,649 Barrick Gold 356,300 0.52

1,988 BCE 82,242 0.12

1,202 Brookfield Asset Management 39,026 0.06

1,288 Canadian National Railway 111,748 0.16

210 Canadian Pacific Railway 52,422 0.08

1,929 CGI 121,000 0.18

607 CI Financial 7,596 0.01

62 Constellation Software 69,745 0.10

468 Emera 18,176 0.03

1,737 Empire A Shares 41,786 0.06

73 Fairfax Financial Holdings 21,997 0.03

299 Fortis 11,182 0.02

2,618 Franco Nevada 361,660 0.52

689 Hydro One 12,699 0.02

502 Intact Financial Corp 47,094 0.07


33




As at 30 June 2020

Market Value as






Canada (continued)

5,107 Kinross Gold 35,747 0.05

863 Kirkland Lake Gold 33,707 0.05

1,529 Loblaw 74,728 0.11

375 Magna International 16,298 0.02

1,304 Metro 53,717 0.08

1,489 Progressive Waste Connections 136,646 0.20

413 Quebecor 8,769 0.01

489 Rogers Communications "B" 19,604 0.03

1,095 Shaw Munications "B" 17,556 0.03

255 Shopify 240,493 0.35

2,621 Silver Wheaton 111,189 0.16

665 TC Energy Corporation 27,817 0.04

4,754 Telus 78,480 0.11

367 Thomson Reuters Corp 24,578 0.04

255 WSP Global 15,425 0.02

China 32,653 0.05

100 BeiGene 18,532 0.03

3,600 Sands China 14,121 0.02

Denmark 1,181,643 1.72

501 AMBU 15,785 0.02

140 Christian Hansen Holding 14,364 0.02

1,415 Coloplast "B" 218,981 0.32

361 Dong Energy 41,632 0.06

267 DSV 32,325 0.05


34




As at 30 June 2020

Market Value as






Denmark (continued)

196 Genmab 64,968 0.09

372 GN Store Nord 19,800 0.03

670 Lundbeck 25,080 0.04

9,972 Novo Nordisk "B" 644,663 0.93

317 Novozymes 18,093 0.03

254 Pandora 13,703 0.02

1,588 Tryg A/S 45,425 0.07

264 Vestas Windsystems 26,824 0.04

Finland 308,496 0.45

2,099 Elisa 127,279 0.19

1,009 Kone "B" 69,304 0.10

1,292 Neste Oil 49,874 0.07

11,393 Nokia 49,183 0.07

267 Orion Corp 12,856 0.02

France 1,257,602 1.82

680 Air Liquide 97,025 0.14

129 BioMerieux 17,625 0.02

125 Hermes International 103,651 0.15

113 Ingenic 17,884 0.03

80 Ipsen Promesses 6,716 0.01

687 L'Oreal 219,611 0.32

636 LVMH 276,340 0.40

10,171 Orange 121,241 0.17

160 Pernod Ricard 25,116 0.04

2,207 Sanofi 223,476 0.32


35




As at 30 June 2020

Market Value as






France (continued)

137 Sartorius Stedim Biotech 34,212 0.05

664 Schneider Elte 72,951 0.11

108 SR Teleperformance 26,958 0.04

580 Vivendi 14,796 0.02

Germany 777,199 1.13

383 Adidas 99,380 0.14

347 Beiersdorf 39,457 0.06

105 Carl Zeiss Meditec 10,156 0.01

306 Delivery Hero 31,191 0.05

286 Deutsche Boerse 51,434 0.07

18,092 Deutsche Telekom 302,655 0.44

76 Hannover Rueckversicherung 12,880 0.02

136 Knorr Bremse 13,646 0.02

405 Merck KGaA 46,643 0.07

43 Mtu Aero Engines 7,347 0.01

264 Nemetschek 17,932 0.03

148 Puma 11,297 0.02

437 RWE 15,346 0.02

50 Sartorius 16,387 0.02

221 Scout24 17,092 0.03

446 Siemens Healthineers 21,348 0.03

181 Symrise 21,048 0.03

386 TeamViewer 20,988 0.03

7,074 Telefonica Deutschland Holding 20,972 0.03


36




As at 30 June 2020

Market Value as






Hong Kong 526,454 0.76




6,300 Hang Seng Bank 105,671 0.15

13,500 HK Electric Investments 13,970 0.02

2,100 HK Exchanges & Clearing 89,306 0.13

41,000 HKT Trust 59,883 0.09

16,000 MTR Corp 82,576 0.12

69,000 PCCW 39,350 0.06

2,500 Power Assets Holdings 13,596 0.02

3,000 Techtronic Industries 29,243 0.04

3,000 The Link Reit 24,502 0.04

Ireland 1,141,113 1.66

1,997 Accenture Corp 425,800 0.62

101 Allegion 10,099 0.01

612 AON 116,066 0.17

150 Flutter Entertainment 19,486 0.03

825 James Hardie Industries 15,346 0.02

1,048 Kerry Group "A" 127,802 0.19

634 Kingspan Group 40,257 0.06

2,850 Medtronic 254,676 0.37

381 Seagate Technology 18,372 0.03

107 Steris 16,054 0.02

499 Willis Towers Watson 97,155 0.14


37




As at 30 June 2020

Market Value as






Israel 148,652 0.22

4,254 Bank Hapoalim 25,082 0.04

8,229 Bank Leumi Le 40,788 0.06

204 Check Point Software Tech 21,675 0.03

328 Nice Systems 61,107 0.09

Italy 289,920 0.42

95 Diasorin 17,921 0.03

6,949 Enel 60,184 0.09

502 Finecobank Banca Fineco 6,727 0.01

8,210 Generali 122,941 0.18

276 Monclear 10,570 0.01

1,130 Nexi Spa 19,518 0.03

734 Recordati Spa 36,462 0.05

2,259 Terna 15,597 0.02

Japan 4,646,966 6.74

300 ABC-Mart 17,497 0.03

500 Advantest 28,280 0.04

1,200 ANA Holdings 27,238 0.04

400 Asahi Intecc 11,368 0.02

2,900 Astellas Pharma 48,398 0.07

1,500 Bridgestone 48,284 0.07

7,700 Canon 152,355 0.22

400 Central Japan Railway 61,983 0.09

4,200 Chugai Pharmaceutical 224,325 0.33

200 Cosmos Pharmaceutical 30,666 0.04

300 Daifuku 26,246 0.04


38




As at 30 June 2020

Market Value as






Japan (continued)

700 Daiichi Sankyo 57,144 0.08

100 Daito Trust Construction 9,184 0.01

2,600 Don Quijote 57,155 0.08

700 East Japan Railway 48,556 0.07

1,700 Fuji Photo Film 72,784 0.11

300 Fujitsu 35,064 0.05

700 Hamamatsu Photonics 30,327 0.04

1,100 Hoya 104,611 0.15

1,400 Japan Airlines 25,237 0.04

1,600 Japan Exchange 36,926 0.05

4,200 Japan Post Bank 31,205 0.05

18,500 Japan Post Holdings 131,712 0.19

6 Japan Real Estate Investment 30,759 0.04

100 Kakaku 2,522 -

800 Kao 63,287 0.09

5,700 KDDI 170,722 0.25

500 Keihan Electric Railway 22,313 0.03

900 Keio 51,321 0.07

500 Keyence 208,591 0.30

2,000 Kintetsu Corp 89,900 0.13

1,600 Kyushu Railway 41,562 0.06

300 Lasertec 28,252 0.04

700 Lawson 34,976 0.05

600 LINE 30,146 0.04

100 Meiji Holdings 7,968 0.01

124,300 Mizuho Financial Group 152,496 0.22


39




As at 30 June 2020

Market Value as






Japan (continued)

500 Monotaro 20,014 0.03

2,400 Ms & Ad Insurance Group 65,865 0.10

2,100 Nagoya Railroad 59,192 0.09

600 Namco Bandai Holdings 31,534 0.05

2,300 NEC 110,221 0.16

900 Nexon 20,328 0.03

100 Nintendo 44,523 0.06

12 Nippon Building Fund 67,982 0.10

300 Nippon Paint 21,704 0.03

22 Nippon Prologis REIT 66,710 0.10

400 Nitori Holdings 78,310 0.11

1,200 Nomura Research Institute 32,498 0.05

4,900 NTT 114,132 0.17

14,800 NTT Docomo 395,308 0.57

100 Obic 17,479 0.03

2,000 Olympus Optical 38,449 0.06

700 ONO Pharmaceuticals 20,335 0.03

500 Oracle Japan 58,881 0.09

600 Oriental Land 79,211 0.11

400 Otsuka 21,063 0.03

200 Pigeon 7,736 0.01

1,800 Recruit Holdings 61,418 0.09

1,100 Ricoh 7,846 0.01

900 Secom 78,586 0.11

1,000 Seibu Holdings 10,866 0.02

1,400 Sekisui House 26,622 0.04

100 Seven & I Holdings 3,261 0.01


40




As at 30 June 2020

Market Value as






Japan (continued)

100 Shimano 19,243 0.03

600 Shionogi 37,546 0.05

6,300 Softbank Corp 80,216 0.12

1,900 So-Net M3 80,906 0.12

1,600 Sony 109,515 0.16

1,200 Suntory Beverage and Food 46,640 0.07

500 Sysmex Corp 38,091 0.06

300 Tobu Railway 9,919 0.01

800 Toho 28,939 0.04

1,200 Tokio Marine Holdings 52,190 0.08

400 Tokyo Electron 98,073 0.14

300 Toyo Suisan Kaisha 16,773 0.02

100 Trend 5,591 0.01

100 Tsuruha Holdings 13,745 0.02

1,000 UNI Charm 40,882 0.06

200 Welcia Holdings 16,104 0.02

1,500 West Japan Railway 84,059 0.12

5,200 Yamada Denki 25,789 0.04

4,600 Z Holdings 22,429 0.03

400 Zozo 8,882 0.01

Jersey 197,281 0.29

2,063 Amcor 20,486 0.03

491 Delphi Automotive Corp 36,859 0.06

2,256 Experian Group 77,793 0.11

767 Ferguson Newco 62,143 0.09


41




As at 30 June 2020

Market Value as






New Zealand 145,023 0.21

1,666 A2 Milk 21,352 0.03

7,156 Auckland International Airport 30,035 0.04

2,019 Fisher & Paykel Healthcare 45,929 0.07

3,106 Meridian Energy 9,573 0.01

13,079 Spark New Zealand 38,134 0.06

Norway 138,719 0.20

1,048 Gjensidige Forsikring 19,047 0.03

4,239 Orkla Asa 36,765 0.05

5,754 Telenor 82,907 0.12

Portugal 30,343 0.04

4,135 Energias De Portugal 19,688 0.03

607 Jeronimo Martins 10,655 0.01

Singapore 254,266 0.37

5,104 Ascendas Real Estate 11,551 0.02

9,750 Singapore Airlines 26,047 0.04

11,600 Singapore Exchange 69,122 0.10

19,100 Singapore Technologies Engineering 45,006 0.06

58,200 Singapore Telecommunications 102,540 0.15

Spain 255,411 0.37

103 Aena 13,738 0.02

716 Amadeus IT Holdings "A" 36,651 0.05

786 Cellnex Telecom 47,926 0.07

397 Ferrovial 10,510 0.01


42




As at 30 June 2020

Market Value as






Spain (continued)

592 Grifols "A" 18,029 0.03

7,035 Iberdrola 81,691 0.12

1,574 Industria De Diseno Textil 40,948 0.06

2,406 Telefonica 5,918 0.01

Sweden 329,234 0.48

1,085 Atlas 39,818 0.06

1,048 Epiroc 12,682 0.02

4,439 Ericsson "B" 40,560 0.06

600 Evolution Gaming Group 35,359 0.05

1,621 Hennes & Mauritz "B" 22,989 0.03

676 Investor 35,360 0.05

929 Nibe Industrier AB 20,237 0.03

1,700 Sandvik 31,284 0.05

1,240 Skanska "B" 24,895 0.04

600 SKF "B" 11,083 0.02

791 Tele2 AB 10,460 0.01

11,957 Teliasonera 44,507 0.06

Switzerland 3,585,285 5.20

959 ACE 120,556 0.17

275 Adecco "R" 12,706 0.02

20 Ems Chemie Holding 15,349 0.02

861 Garmin 82,777 0.12


43




As at 30 June 2020

Market Value as






Switzerland (continued)

108 Geberit 53,733 0.08

43 Givaudan "N" 159,750 0.23

102 Kuehne & Nagel International 16,869 0.03

2 Lindt & Spruengli 16,265 0.02

503 Logitech International 32,534 0.05

144 Lonza Group 75,479 0.11

10,792 Nestle "R" 1,194,062 1.73

1,124 Novartis 96,899 0.14

48 Partners 43,164 0.06

3,571 Roche Holding 1,231,561 1.79

69 Schindler Holding 16,133 0.02

48 Schindler Holding 11,279 0.02

13 SGS Surveillance 31,518 0.05

117 SIKA 22,269 0.03

95 Sonova Holding 18,857 0.03

304 Swisscom 159,025 0.23

443 T E Connectivity 35,577 0.05

397 Zurich Insurance Group 138,923 0.20


60 Adyen 86,485 0.13

3,378 Ahold Delhaize 92,157 0.13

2,624 Altice Europe 10,082 0.01

1,466 ASML Holding 533,207 0.77

392 Ferrari N.V 66,060 0.10


44




As at 30 June 2020

Market Value as






The Netherlands (continued)

180 Just Eat Takeaway 18,739 0.03

158 Koninklijke DSM 21,712 0.03

11,870 Koninklijke KPN 31,332 0.05

452 Lyondell Basell Industries 28,901 0.04

726 Prosus 66,433 0.10

451 Qiagen 19,447 0.03

194 Randstad Holding 8,537 0.01

1,029 St Microelectronics 27,715 0.04

4,374 Unilever 232,432 0.34

666 Wolters Kluwer Cert 51,731 0.07


2,871 3I Group 29,258 0.04

351 Admiral Group 9,949 0.01

2,366 Astrazeneca 245,106 0.36

5,649 Bae Systems 33,468 0.05

1,270 Barratt Developments 7,671 0.01

475 Berkeley Group Holdings 24,151 0.04

394 Bunzl 10,479 0.02

594 Burberry Group 11,582 0.02

3,194 Compass Group 43,340 0.06

169 Croda International 10,961 0.02

4,431 Diageo 145,978 0.21

13,402 Glaxosmithkline 268,773 0.39

1,181 Halma 33,227 0.05

669 Hargreaves Lansdown 13,419 0.02

1,201 Hsbc Holdings 5,564 0.01


45




As at 30 June 2020

Market Value as






United Kingdom (continued)

7,163 ITV 6,526 0.01

1,673 JD Sports Fashion 12,719 0.02

1,077 London Stock Exchange Group 110,128 0.16

5,233 M & G Prudential 10,654 0.02

1,193 Mondi 22,037 0.03

856 Persimmon 23,957 0.03

4,618 Reed Elsevier 106,463 0.15

1,781 Rentokil Initia 11,082 0.02

2,013 Rio Tinto 111,698 0.16

1,454 Sage Group 11,909 0.02

2,808 Segro REIT 30,876 0.04

3,840 Smith & Nephew 70,907 0.10

239 Spirax Sarco Engineering 29,149 0.04

4,856 Taylor Wimpey 8,393 0.01

2,725 Unilever 146,797 0.21


1,137 3M Co 175,666 0.26

2,246 Abbott Laboratories 198,771 0.29

1,096 Activision 83,559 0.12

2,340 Adobe Systems 1,002,596 1.46

2,158 Advanced Micro Devices 113,144 0.16

1,108 Aflac 39,268 0.06

729 Air Products & Chemicals 172,788 0.25

851 Akamai Technologies 90,215 0.13

195 Alexandria Real Estate Reit 31,416 0.05

209 Align Technology 55,692 0.08


46




As at 30 June 2020

Market Value as







136 Alleghany 66,154 0.10

613 Alliant Energy 29,142 0.03

1,353 Allstate 129,496 0.18

167 Alnylam Pharmaceuticals 24,632 0.04

780 Alphabet 1,082,749 1.56

759 Alphabet "A" 1,055,154 1.52

387 Altice USA 8,626 0.01

466 Amazon.com 1,263,755 1.83

101 Amerco 29,148 0.04

1,213 Ameren 84,437 0.12

2,245 American Electric Power 178,837 0.26

1,300 American Tower 330,252 0.48

172 American Water Works 21,653 0.03

266 Ameriprise Financial 39,562 0.06

207 Amerisourcebergen 20,456 0.03

585 Ameritrade Holding 20,756 0.03

2,030 Amgen 471,752 0.68

807 Amphenol 76,681 0.11

136 Ansys 38,736 0.06

80 Anthem 20,558 0.03

222 AO Smith 10,301 0.02

7,031 Apple 2,557,597 3.71

2,446 Applied Materials 147,274 0.21

987 Arch Capital Group 28,051 0.04

75 Arista Networks 15,794 0.02

126 Assurant 12,718 0.02


47




As at 30 June 2020

Market Value as







1,912 AT&T 56,844 0.08

167 Atmos Energy 16,436 0.02

269 Autodesk 62,556 0.09

1,546 Automatic Data Processing 227,525 0.33

47 Autozone 52,527 0.08

180 Avalara 23,926 0.03

1,083 Avantor 18,487 0.03

100 Avery Dennison 11,248 0.02

304 Ball 20,763 0.03

1,352 Baxter International 113,703 0.17

47 Berkshire Hathaway "B" 8,303 0.01

562 Best Buy 48,731 0.07

392 Biogen Idec 102,210 0.15

235 Biomarin Pharmaceutical 28,898 0.04

41 BIO-RAD Laboratories 17,940 0.03

2,029 Black Knight 146,879 0.21

93 Booking Holdings 146,766 0.21

1,270 Booz Allen Hamilton Holding 96,749 0.14

255 Borgwarner 8,866 0.01

4,250 Bristol Myers Squibb 244,800 0.36

50 Broadcom Corp 15,642 0.02

743 Broadridge Financial Solutions 93,655 0.14

2,585 Brown & Brown 104,201 0.15

881 Brown-Forman "B" 56,058 0.08

55 Burlington Stores 10,795 0.02

11 Cable One 19,286 0.03


48




As at 30 June 2020

Market Value as







1,017 Cadence Design System 96,808 0.14

563 Camden Property Reit 50,709 0.07

644 Campbell Soup 31,633 0.05

567 Cardinal Health 28,928 0.04

2,398 Carrier Global 51,989 0.08

290 Catalent 20,776 0.03

647 CBOE Holdings 59,427 0.09

439 CBRE Group 19,483 0.03

78 CDW 8,854 0.01

180 Celanese "A" 15,203 0.02

846 Centene 51,944 0.08

1,285 Ch Robinson Worldwide 100,487 0.15

1,775 Charles Schwab 58,309 0.08

194 Charter Communications "A" 96,548 0.14

623 Chicago Mercantile Exchange 101,387 0.15

30 Chipotle Mexian Gril 31,248 0.05

952 Church & Dwight 72,771 0.11

465 Cigna Corp 85,969 0.12

259 Cincinnati Finance 16,483 0.02

145 Cintas 38,209 0.06

11,284 Cisco Systems 525,722 0.76

1,871 Citrix Systems 275,056 0.40

1,416 Cms Energy 81,632 0.12

13,695 Coca-Cola 606,552 0.88

236 Cognex 14,025 0.02

2,374 Cognizant Technology Solutions 135,793 0.20

1,045 Colgate-Palmolive 75,909 0.11


49




As at 30 June 2020

Market Value as







556 Comcast 21,245 0.03

609 Conagra Foods 21,004 0.03

1,409 Cons Edison 101,406 0.15

826 Copart 67,336 0.10

70 Costar Group 48,399 0.07

1,368 Costco Wholesale 412,315 0.60

107 Coupa Software 29,602 0.04

235 Crowdstrike Holdings 23,277 0.03

1,020 Crown Castle REIT 166,770 0.24

275 Cummins 47,088 0.07

1,127 Danaher 194,137 0.28

198 Darden Restaurants 14,870 0.02

264 Datadog 22,506 0.03

251 Davita Healthcare Partners 19,450 0.03

97 Dentsply Sirona 4,243 0.01

219 DexCom 86,704 0.13

396 Digital Realty Trust REIT 55,369 0.08

409 DocuSign 70,859 0.10

836 Dollar General 158,497 0.23

350 Dollar Tree Stores 32,263 0.05

1,442 Dominion Resources 115,966 0.17

65 Domino's Pizza 23,800 0.03

889 Dr Horton 48,264 0.07

927 Dte Energy 98,596 0.14

2,853 Duke Energy 227,156 0.33

594 Duke Realty 20,802 0.03


50




As at 30 June 2020

Market Value as







522 Dynatrace 20,849 0.03

215 East West Bancorp 7,703 0.01

599 Ecolab 116,811 0.17

1,815 Edwards Lifesciences 122,567 0.18

402 Electronic Arts 52,903 0.08

2,956 Eli Lilly 480,912 0.70

937 Emerson Electric 57,129 0.08

859 Entergy 80,162 0.12

89 Epam Systems 22,131 0.03

155 Equinix REIT 106,950 0.16

1,310 Equity Lifestyle Properties REIT 81,233 0.12

149 Erie Indemnity "A" 28,170 0.04

443 Essential Utils 18,322 0.03

694 Estee Lauder "A" 129,278 0.19

1,522 Evergy 89,707 0.13

747 Eversource Energy 61,941 0.09

1,115 Exelon 40,095 0.06

323 Expeditor International 24,186 0.04

187 F5 Networks 26,017 0.04

77 Factset Research Systems 25,284 0.04

82 Fair Issac 33,467 0.05

1,687 Fastenal 71,158 0.10

2,018 Fidelity National Information 265,246 0.39

1,514 Fiserv 146,101 0.21

168 Fleetcor Technologies 40,824 0.06

531 Flir Systems 21,235 0.03


51




As at 30 June 2020

Market Value as







189 FMC 18,450 0.03

1,653 FNFV Group 50,400 0.07

220 Fortinet 29,898 0.04

358 Frank Resources 7,368 0.01

1,632 Gallagher 155,791 0.23

359 General Dynamics 53,150 0.08

1,862 General Mills 112,185 0.16

5,350 Gilead Sciences 404,941 0.59

288 Global Payments 47,756 0.07

1,251 Hartf Financial Services Group 48,001 0.07

108 Heico 10,676 0.02

199 Heico Corporation 16,063 0.02

1,893 Hershey Company 242,077 0.35

229 Hologic 12,650 0.02

1,189 Home Depot 293,647 0.43

1,387 Honeywell International 197,231 0.29

4,517 Hormel Foods 218,171 0.32

262 Humana 99,280 0.14

67 Huntington Ingalls Industries 11,658 0.02

112 IDEX 17,351 0.03

93 Idexx Laboratories 30,228 0.04

857 Illinois Tool Works 146,573 0.21

269 Illumina 97,510 0.14

554 Incyte Genomics 57,023 0.08

145 Insulet Corp 27,164 0.04

13,517 Intel 805,208 1.17


52




As at 30 June 2020

Market Value as







1,372 Intercontinental Exchange Group 123,933 0.18

1,490 International Business Machines 178,189 0.26

694 Intuit 200,864 0.29

184 Intuitive Surgical 102,262 0.15

108 J.B. Hunt Transport Services 12,957 0.02

1,167 Jack Henry & Associates 212,977 0.31

571 JM Smucker 59,886 0.09

9,863 Johnson & Johnson 1,362,968 1.98

3,468 Juniper Networks 78,689 0.11

37 Kansas City Southern Industries 5,427 0.01

788 Kellogg 51,236 0.07

1,742 Keysight Technologies 174,984 0.25

740 Kimberly-Clark 103,585 0.15

919 Kinder Morgan 13,454 0.02

493 KLA Tencor 95,785 0.14

3,403 Kroger 115,600 0.17

363 L3 Harris Techno 62,683 0.09

455 Lam Research 146,560 0.21

409 Lamb Weston Holdings 25,820 0.04

624 Las Vegas Sands 27,562 0.04

339 Leidos Holdings 31,388 0.05

232 Liberty Broadband "C" 27,125 0.04

215 Liberty SiriusXM 7,168 0.01

442 Lululemon Athletica 139,119 0.20

203 M&T Bank 20,818 0.03

85 Markel 78,379 0.11


53




As at 30 June 2020

Market Value as







184 Marketaxess Holdings 91,781 0.13

480 Marsh & Mclennan 50,765 0.07

118 Masco 5,797 0.01

115 Masimo 25,440 0.04

2,741 Mastercard 802,510 1.16

613 Maxim Integrated Products 37,093 0.05

272 Mccormick 48,770 0.07

977 Mcdonalds 178,410 0.26

186 Mckesson HBOC 27,941 0.04

59 Mercadolibre 58,146 0.08

7,336 Merck & Co 560,397 0.81

44 Mettler Toledo International 34,353 0.05

12,213 Microsoft 2,439,302 3.54

653 Moderna 41,080 0.06

28 Molina Healthcare 4,814 0.01

3,624 Mondelez International "A" 183,556 0.27

66 MongoDB 14,729 0.02

755 Monster Beverage 52,065 0.08

226 Moodys 60,649 0.09

858 Motorola Solutions 119,108 0.17

197 MSCI 64,581 0.09

167 NASDAQ OMX Group 19,661 0.03

370 NetApp 16,439 0.02

703 Netflix 318,501 0.46

155 Neurocrine Biosciences 19,414 0.03

7,002 Newmont Mining 419,350 0.61


54




As at 30 June 2020

Market Value as







1,491 Nextera Energy 354,560 0.51

3,116 Nike "B" 298,949 0.43

341 Nisource 7,741 0.01

151 Northrop Grumman 46,114 0.07

1,121 NortonLifeLock 22,140 0.03

2,134 Nvidia 808,786 1.17

15 NVR 47,971 0.07

201 Okta 39,997 0.06

292 Old Dominion Freight Line 48,314 0.07

673 Omnicom 36,355 0.05

6,025 Oracle 331,676 0.48

151 O'Reilly Automotive 63,397 0.09

117 Packaging Corporation of America 11,391 0.02

3,093 Paychex 229,934 0.33

158 Paycom Software 47,278 0.07

1,494 PayPal Holdings 256,789 0.37

5,548 Pepsico 730,061 1.06

13,091 Pfizer 422,316 0.61

882 Pinnacle West Capital 63,998 0.09

7,658 Procter & Gamble 908,775 1.32

1,571 Progressive 124,470 0.18

782 Prologis 71,983 0.10

258 Public Service Enterprise Group 12,663 0.02

190 Qorvo 20,662 0.03

409 Quest Diagnostics 44,949 0.07

794 Regeneron Pharms 487,595 0.71


55




As at 30 June 2020

Market Value as







2,664 Republic Services 215,225 0.31

432 ResMed 81,069 0.12

163 RingCentral 44,892 0.07

209 Robert Half International 10,822 0.02

207 Roku 24,115 0.03

267 Rollins 11,142 0.02

1,169 Ross Stores 98,558 0.14

386 S&P Global 124,396 0.18

128 Sarepta Therapeutics 20,460 0.03

217 SBA Communications 63,195 0.09

178 Schein Henry 10,269 0.02

264 Seattle Genetics 44,088 0.06

204 SEI Investments 10,855 0.02

333 Servicenow 132,261 0.19

84 Sherwin Williams 47,670 0.07

563 Skyworks Solutions 71,692 0.10

609 Slack Technologies 19,050 0.03

1,150 Snap 26,554 0.04

76 Snap-On 10,315 0.01

2,195 Southern Comfort 113,042 0.16

946 Starbucks 69,342 0.10

494 Sun Communities Reit 66,833 0.10

60 SVB Financial Group 12,597 0.02

191 SW Airlines 6,463 0.01

222 Synopsys 42,484 0.06


56




As at 30 June 2020

Market Value as







2,333 T Mobile 461 -

459 T Rowe Price Group 55,851 0.08

758 Take Two Interactive Software 106,037 0.15

1,584 Target 188,639 0.27

171 Teladoc 32,596 0.05

28 Teledyne Technologies 8,520 0.01

29 Teleflex 10,328 0.01

613 Teradyne 51,590 0.08

375 Tesla Motors 388,500 0.56

3,460 Texas Instruments 438,451 0.64

417 The Clorox 91,098 0.13

567 Thermo Fisher Scientific 199,896 0.29

379 Tiffany & Co. 46,033 0.07

3,481 TJX 174,224 0.25

2,333 T-Mobile US 245,758 0.36

232 Tractor Supply 30,728 0.04

63 Trade Desk 25,936 0.04

262 Tradeweb Markets 15,440 0.02

701 Travelers Companies 79,143 0.12

530 Tyler Technologies 180,158 0.26

118 Ulta Salon Cosmetics & Fragrance 23,353 0.03

1,183 Union Pacific 194,899 0.28

3,049 UnitedHealth Gp 881,832 1.28

80 Universal Health Services "B" 7,166 0.01

1,276 Us Bancorp 46,357 0.07

128 Varian Medical Systems 15,320 0.02


57




As at 30 June 2020

Market Value as







437 Veeva Systems "A" 101,956 0.15

117 Verisign 23,790 0.03

186 Verisk Analytics 30,883 0.05

6,215 Verizon Communications 338,220 0.49

1,478 Vertex Pharmaceuticals 423,994 0.62

603 VF 35,770 0.05

6,503 Visa "A" 1,244,284 1.81

1,550 W.R. Berkley 87,250 0.13

114 W.W. Grainger 34,195 0.05

3,157 Wal Mart Stores 377,135 0.55

206 Walt Disney 22,905 0.03

1,497 Waste Man 155,838 0.23

2,752 Wec Energy Group 239,341 0.35

819 Wells Fargo 20,811 0.03

256 West Pharmaceutical Services 56,164 0.08

4,664 Western Union 99,670 0.14

161 Whirlpool 20,481 0.03

2,351 Xcel Energy 147,455 0.21

474 Xilinx 46,642 0.07

315 Yum Brands 27,213 0.04

55 Zebra Technologies "A" 13,872 0.02

342 Zillow Group 19,593 0.03

1,319 Zoetis 176,218 0.26

260 Zoom Video Communications 65,853 0.10


58




As at 30 June 2020

Market Value as




Another Regulated Market 466,371 0.67

Equities 466,371 0.67

Japan 48,646 0.07

900 McDonalds 48,646 0.07

Sweden 132,512 0.19

2,121 Atlas Copco 89,093 0.13

992 Epiroc 12,221 0.02

653 Essity Aktiebolag 21,002 0.03

214 ICA Gruppen 10,196 0.01

United Kingdom 285,213 0.41

194 Aveva Group 9,675 0.01

230 Intertek Group 15,285 0.02

4,515 National Grid 54,755 0.08

760 Ocado Group 19,045 0.03

2,023 Reckitt Benckiser 186,453 0.27

Collective Investment Schemes 914,140 1.32

Australia 9,953 0.01

979 Goodman Group 9,953 0.01

Ireland 420,798 0.61

630 IShares Core MSCI Pacific Ex Japan UCITS ETF 85,623 0.12

2,265 iShares MSCI Japan UCITS ETF 335,175 0.49


59




As at 30 June 2020

Market Value as



Collective Investment Schemes (continued)

United States of America 483,389 0.70

1,696 Equity Residential 97,503 0.14

190 Essex Property Trust 43,031 0.06

886 Extra Space Storage 81,193 0.12

135 Midamerica Apartment 15,116 0.02

1,190 Public Storage 227,516 0.33

516 UDR 19,030 0.03


Other Net Assets and Liabilities 82,411 0.12

Net Asset Value 68,906,622 100.00




60


AIA GLOBAL QUALITY GROWTH FUND

Market Value as





Equities 91,058,363 97.60

Canada 5,321,615 5.70

5,644 Shopify 5,321,615 5.70

China 7,235,120 7.76


2,480 Baidu 302,163 0.33

29,636 JD Com 1,785,865 1.92



Denmark 632,619 0.68

11,084 Novozymes 632,619 0.68

France 1,394,966 1.50

5,586 Sartorius Stedim Biotech 1,394,966 1.50

Germany 2,107,531 2.26

4,827 Adidas 1,252,494 1.34

12,078 Zalando 855,037 0.92

Hong Kong 867,542 0.93


India 787,402 0.84

108,297 HDFC Standard Life Insurance 787,402 0.84

Japan 10,000,460 10.72

9,400 Cyber Agent 460,943 0.49

13,400 Denso 522,062 0.56

36,100 DMG Mori 436,854 0.47


As at 30 June 2020


61




As at 30 June 2020

Market Value as






Japan (continued)

8,500 Fanuc Corp 1,519,225 1.63

141,800 Gree 604,469 0.65

55,200 Kubota 824,091 0.88

26,400 Misumi 659,295 0.71

1,300 Nintendo 578,797 0.62

71,600 Softbank Corp 3,618,069 3.88

27,700 Sumitomo Mitsui Trust Holdings 776,655 0.83

Luxembourg 1,744,564 1.87

6,623 Spotify Technology 1,744,564 1.87

Republic of Korea 998,504 1.07

3,297 Samsung SDI 998,504 1.07

Sweden 2,444,654 2.62

23,724 Atlas 870,628 0.93

21,262 Beijer 628,772 0.68

43,393 Nibe Industrier AB 945,254 1.01


8,440 COSMO Pharmaceuticals 768,565 0.82

3,073 Schindler Holding 718,511 0.77

Taiwan 1,870,433 2.00



14,098 IMCD Group 1,314,073 1.41


62




As at 30 June 2020

Market Value as







37,202 Hargreaves Lansdown 746,213 0.80

791,818 Just Group 511,887 0.55

77,867 Prudential 1,154,293 1.24

79,466 St James's Place 926,365 0.99


5,123 Abiomed 1,225,217 1.31

1,316 Alphabet "A" 1,829,490 1.96

1,787 Amazon.com 4,846,201 5.19

44,538 Chegg 3,013,886 3.23

25,348 Denali Therapeutics 600,494 0.64

6,358 Exact Sciences Corp 545,071 0.58

25,411 Fastenal 1,071,836 1.15

16,091 First Republic Bank 1,697,922 1.82

7,776 Glaukos Corporation 292,689 0.31

5,190 Illumina 1,881,323 2.02

21,279 Interactive Brokers 877,333 0.94

9,603 iRobot 817,119 0.88

5,157 Lendingtree 1,422,610 1.53

10,422 Lyft 337,673 0.36

703 Markel 648,243 0.70

8,410 Marketaxess Holdings 4,194,992 4.50

3,986 Mastercard 1,167,021 1.25

6,145 Netflix 2,784,054 2.98

3,898 Nvidia 1,477,342 1.58

18,939 Pacira Pharmaceuticals 966,268 1.04

36,934 Redfin 1,486,594 1.59


63




As at 30 June 2020

Market Value as







26,313 Slack Technologies 823,071 0.88

22,680 STAAR Surgical 1,389,830 1.49

4,062 Tesla Motors 4,208,232 4.51

6,415 TJX 321,071 0.34

3,348 Trade Desk 1,378,305 1.48

2,907 Twilio 624,598 0.67

3,043 Waters 539,615 0.58

5,474 Watsco 957,512 1.03

10,167 Wayfair 2,044,990 2.19

10,368 Workday "A" 1,937,883 2.08

23,600 Yext 379,724 0.41

6,810 Zoom Video Communications 1,724,837 1.85


Another Regulated Market 564,408 0.61

Equities 564,408 0.61

United Kingdom 564,408 0.61

22,523 Ocado Group 564,408 0.61



Net Asset Value 93,291,709 100.00




64


AIA GREATER CHINA EQUITY FUND

Market Value as





Equities 44,190,130 96.50

China 27,156,860 59.30


3,998 Baidu 487,116 1.06

2,309,000 China Construction Bank "H" 1,864,968 4.07

462,000 China Longyuan Power "H" 259,301 0.57

1,290,000 China Petroleum & Chemical "H" 537,608 1.17

576,000 China Resources Cement 704,537 1.54

43,500 Dali Foods Group 26,379 0.06

4,962 GDS Holdings 402,418 0.88

256,000 Guangzhou Automobile Group "H" 184,309 0.40

93,300 Hangzhou Robam Appliances 410,235 0.90

1,875,000 ICBC "H" 1,137,031 2.48

48,000 Inspur Electronic Information 265,886 0.58

29,982 JD Com 1,806,715 3.95

54,000 Jiangsu Hengrui Medicine 704,670 1.54

2,853 JOYY 258,510 0.56

3,200 Kweichou Moutai 661,825 1.45

108,937 Luxshare Precision Industry 790,718 1.73


1,425 NetEase 617,709 1.35

7,023 New Oriental Education & Technology 936,236 2.04

3,138 Pinduoduo 281,918 0.62

195,000 Ping An Insurance "H" 1,947,371 4.25

109,200 Sands China 428,321 0.94

26,199 Shanghai International Airport 266,950 0.58


As at 30 June 2020


65




As at 30 June 2020

Market Value as






China (continued)

149,000 Sunac China Holdings 623,841 1.36

14,000 Sunny Optical Technology Group 223,987 0.49


16,496 Tencent Music Entertainment Group 226,160 0.49

82,700 Tongwei 203,210 0.44

42,000 Wuxi Biologics Cayman 768,420 1.68

148,400 Xiaomi 245,851 0.54

Hong Kong 8,014,399 17.50


332,000 Brilliance China Automotive 297,283 0.65

64,400 China Gas Holdings 198,590 0.43

102,500 China Mobile 690,347 1.51

246,000 China Overseas Land & Investment 744,305 1.63

94,000 China Resources Beer Holdings 523,944 1.14

43,500 CK Asset Holdings 258,459 0.56


78,500 CLP Holdings 767,230 1.68

253,000 Cnooc 281,385 0.61

242,400 CSPC Pharmaceutical 457,875 1.00



41,000 Sun Hung Kai Properties 523,447 1.14

56,000 The Link Reit 457,367 1.00

459,000 Topsports International 586,301 1.28

19,038 Trip Com Group 494,607 1.08


66




As at 30 June 2020

Market Value as






Taiwan 9,018,871 19.70

1,478,000 Chinatrust Financial Holding 1,021,231 2.23

157,000 Formosa Plastics 466,437 1.02

223,000 Hon Hai Precision Industries 653,433 1.43

6,000 Largan Precision 831,183 1.82

52,000 Mediatek 1,018,742 2.22


277,000 Uni-President Enterprises 670,586 1.46



Net Asset Value 45,792,619 100.00




67


AIA NEW MULTINATIONALS FUND

Market Value as





Equities 71,997,666 94.15

Brazil 1,034,973 1.35

103,900 B3 Sa Brasil Bolsa Balcao 1,034,973 1.35

Canada 3,091,476 4.04

42,734 Bank of Nova Scotia 1,722,238 2.25

33,098 BCE 1,369,238 1.79

Denmark 1,989,871 2.60

19,584 Vestas Windsystems 1,989,871 2.60

France 5,736,946 7.50

3,566 LVMH 1,549,418 2.03

21,273 Michelin 2,180,281 2.85

18,270 Schneider Elte 2,007,247 2.62

Ireland 2,462,800 3.22

7,946 Accenture Corp 1,694,246 2.22

8,697 Trane Technologies 768,554 1.00

Japan 3,729,306 4.88

481,800 Mitsubishi UFJ Financial Group 1,883,349 2.46

54,100 Recruit Holdings 1,845,957 2.42

Singapore 2,419,280 3.16

162,400 DBS Group 2,419,280 3.16

Spain 4,159,211 5.44

154,792 Iberdrola 1,797,446 2.35

90,785 Industria De Diseno Textil 2,361,765 3.09


As at 30 June 2020


68




As at 30 June 2020

Market Value as







22,775 Novartis 1,963,412 2.57

Taiwan 2,295,532 3.00



323,223 ING Groep 2,214,645 2.90

13,638 Koninklijke DSM 1,874,082 2.45

16,142 Wolters Kluwer Cert 1,253,829 1.64


110,119 Compass Group 1,494,216 1.96

64,101 Prudential 950,227 1.24


11,950 Automatic Data Processing 1,758,682 2.30

14,453 Baxter International 1,215,497 1.59

28,906 Colgate-Palmolive 2,099,732 2.75

9,823 Danaher 1,692,110 2.21

18,019 Deere 2,744,834 3.59

7,633 Ecolab 1,488,511 1.95

9,761 Home Depot 2,410,674 3.15

36,727 Merck & Co 2,805,576 3.67

21,335 Microsoft 4,261,240 5.57

5,193 Nextera Energy 1,234,895 1.61

28,656 Northern Trust 2,207,658 2.89

27,968 Progressive 2,215,905 2.90

17,581 Prologis 1,618,331 2.12


69




As at 30 June 2020

Market Value as







35,413 Starbucks 2,595,773 3.39

21,148 Texas Instruments 2,679,875 3.50

12,013 Visa "A" 2,298,567 3.01


Another Regulated Market 1,298,291 1.70

Equities 1,298,291 1.70

Sweden 1,298,291 1.70

30,908 Atlas Copco 1,298,291 1.70



Net Asset Value 76,465,862 100.00




70


AIA INDIA EQUITY FUND

Market Value as





Equities 147,397,188 96.30

India 147,397,188 96.30

177,201 Asian Paints 3,960,087 2.59

859,494 Axis Bank 4,628,830 3.02

58,642 Bajaj Finance 2,198,651 1.44

199,672 Bharat Petroleum 989,000 0.65

993,191 Bharti Airtel 7,363,971 4.81

351,932 Cipla 2,984,118 1.95

728,420 Dabur India 4,494,991 2.94

57,452 Dr Reddys Laboratories 3,001,610 1.96

1,657,172 Gail India 2,241,886 1.47

274,963 Godrej Consumer Products 2,515,557 1.64

490,237 HCL Technologies 3,615,363 2.36

230,208 HDFC Bank 3,249,557 2.12

633,177 HDFC Standard Life Insurance 4,603,679 3.01

49,415 Hero Motocrop 1,666,813 1.09

413,004 Hindustan Petroleum 1,185,553 0.77

364,245 Hindustan Unilever 10,516,172 6.87

561,960 Housing Development Finance Corp 13,058,807 8.53

1,783,249 ICICI Bank 8,300,097 5.42

354,392 ICICI Prudential Life Insurance 1,998,468 1.31

1,473,487 Infosys 14,361,580 9.38

465,876 JSW Steel 1,168,270 0.76

382,373 Larsen & Toubro 4,778,656 3.12

519,779 Mahindra & Mahindra 3,515,541 2.30

42,063 Maruti Suzuki India 3,252,327 2.13

20,211 Nestle India 4,597,040 3.00


As at 30 June 2020


71


AIA INDIA EQUITY FUND

Market Value as






India (continued)

652,208 Reliance Industries 14,719,356 9.62

653,911 State Bank of India 1,545,407 1.01

427,589 Sun Pharmaceuticals 2,678,239 1.75

269,157 Tata Consultancy Service 7,422,074 4.85

1,144,232 Tata Motors 1,488,861 0.97

91,705 Titan Industries 1,153,601 0.75

80,346 Ultratech Cement 4,143,026 2.71



Net Asset Value 153,057,489 100.00


As at 30 June 2020




72


73

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2020

1. General information

AIA Investment Funds (the “Company”) is an umbrella investment company with variable capital (société d’investissement à capital variable) incorporated under the form of a société anonyme in the Grand Duchy of Luxembourg. The Company, incorporated on 23 May 2019, is registered under Part I of the Luxembourg Law of 17 December 2010 regarding undertakings for collective investment, as amended and qualifies as a UCITS fund under the European directive 2009/65/EC.

As an umbrella structure, the Company may operate separate Sub-Funds, each being distinguished among others by their specific investment policy or any other specific feature. The Company seeks to provide a range of Sub-Fund(s) with the purpose of spreading investment risk and satisfying the requirements of investors seeking to gain capital growth.

As at 30 June 2020, the Company was composed of the following Sub-Funds:

- AIA Investment Funds - AIA Asia (Ex Japan) Equity Fund; - AIA Investment Funds - AIA Diversified Fixed Income Fund; - AIA Investment Funds - AIA Global Multi-Factor Equity Fund; - AIA Investment Funds - AIA Global Quality Growth Fund; - AIA Investment Funds - AIA Greater China Equity Fund; - AIA Investment Funds - AIA New Multinationals Fund; and - AIA Investment Funds - AIA India Equity Fund (launched on 9 April 2020).

The following share classes of the Sub-Funds may be offered for subscription:

(i) Retail Share Class R: Share Classes R are reserved to retail investors. (ii) Institutional Share Class I: Share Classes R shares are reserved to institutional investors. (iii) Zero Management Fee Share Class Z: Share Classes Z are reserved to institutional investors.

The Sub-Funds can issue share classes in different currencies.

The following share classes were in issue as at 30 June 2020:

AIA Asia (Ex Japan) Equity FundClass I (USD) Class Z (USD)

AIA Diversified Fixed Income FundClass I (USD) Class Z (USD) Class ZDS (USD)

AIA Global Multi-Factor Equity FundClass I (USD) Class Z (USD)

AIA Global Quality Growth Fund Class I (USD) Class Z (USD)


74


1. General information (continued)

AIA Greater China Equity Fund Class I (USD)

AIA New Multinationals Fund Class I (USD) Class Z (USD)

AIA India Equity Fund Class I (USD)

The investment objective of AIA Asia (Ex Japan) Equity Fund is to generate long-term total returns through a portfolio of equities and equity-related securities issued primarily by Asian companies.

The investment objective of AIA Diversified Fixed Income Fund is to maximise long-term return by investing in a diversified fixed income portfolio consisting primarily investment grade bonds and other debt securities denominated in USD.

The investment objective of AIA Global Multi-Factor Equity Fund is to provide long-term investment growth through exposure to a diversified portfolio of global equities and equity-related securities that exhibit various investment factor characteristics.

The investment objective of AIA Global Quality Growth Fund is to provide investors returns comprising capital growth and dividend income over the long term by investing primarily in global equities and equity-related securities worldwide.

The investment objective of AIA Greater China Equity Fund is to generate long-term total returns through a portfolio of equities and equity-related securities issued primarily by Greater China companies.

The investment objective of AIA New Multinationals Fund is to generate long-term total returns through a concentrated portfolio of global equities and equity-related securities.

The investment objective of AIA India Equity Fund is to generate long-term total returns through a portfolio of equities and equity-related securities issued primarily by Indian companies.

Class R Shares are subject to a minimum initial subscription amount of USD 1,000, a minimum holding amount of USD 1,000 and a minimum subsequent subscription amount of USD 1,000.

Class I Shares are subject to a minimum initial subscription amount of USD 10,000,000, a minimum holding amount of USD 10,000,000 and a minimum subsequent subscription amount of USD 100,000.

Class Z Shares are subject to a minimum initial subscription amount of USD 20,000,000, a minimum holding amount of USD 20,000,000 and a minimum subsequent subscription amount of USD 100,000.

2. Summary of significant accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Luxembourg generally accepted accounting principles applicable to investment funds.


75


2. Summary of significant accounting policies (continued)

b) Financial statements

Financial statements are presented for each Sub-Fund on a consolidated basis and the statements of net assets, operations and changes in net assets are presented in United States Dollar (“USD”), which is both the functional and presentation currency.

The combined statement of net assets and the combined statement of operations and changes in net assets are the sum of the statements of each Sub-Fund.

c) Foreign currency translation

Assets and liabilities in currencies other than the Sub-Funds’ base currency have been translated into that currency at exchange rates ruling at the date of these financial statements. Transactions occurring during the period in currencies other than the base currency are translated at rates of exchange ruling at the transaction dates. The exchange rates applicable as at 30 June 2020 are:

USD/AUD 1.455816USD/BRL 5.482250USD/CAD 1.367200USD/CHF 0.949900USD/CNY 7.073100USD/DKK 6.649150USD/EUR 0.892180USD/GBP 0.812876USD/HKD 7.750450USD/IDR 14,255.000000USD/ILS 3.470150USD/INR 75.507900USD/JPY 107.675000USD/KRW 1,200.255000USD/MYR 4.284500USD/NOK 9.706000USD/NZD 1.560549USD/PHP 49.814000USD/SEK 9.346500USD/SGD 1.396250USD/THB 30.900000USD/TWD 29.452000

d) Investments

Securities listed on Regulated Markets, which operate regularly and are recognized and open to the public, are valued at the last available price of the main market for the relevant security.

Securities not listed on Regulated Markets, which operate regularly and are recognized and open to the public, are valued on the basis of their last available price.


76



d) Investments (continued)

Shares or units in open-ended undertakings for collective investment, which do not have a price quotation on a regulated market, will be valued at the actual net asset value for such shares or units as of the relevant dealing day, failing which they shall be valued at the last available net asset value which is calculated prior to such dealing day. In the case where events have occurred which have resulted in a material change in the net asset value of such shares or units since the last net asset value was calculated, the value of such shares or units may be adjusted at their fair value in order to reflect, in the reasonable opinion of the Board of Directors, such change.

In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Directors may, at their discretion, prudently and in good faith follow other methods of valuation to be used if they consider such method of valuation better reflects the value and is in accordance with good accounting practice in order to achieve a fair valuation of the assets of the Company.

Gains or losses arising on the disposal of investments are calculated by reference to the net sales proceeds and the average cost attributable to those investments.

e) Income and expenses

Dividends arising on the Company’s equity investments are credited to the statement of operations when the security is quoted ex-dividend, net of withholding taxes where applicable. Interest income is recognised as the interest accrues (taking into account the coupon rate on the asset) unless recoverability is in doubt. Where the Company incurs an expense which relates to any particular Sub-Fund or to any action taken in connection with a particular Sub-Fund, such liability shall be allocated to the relevant Sub-Fund. In the case where any expense of the Company cannot be considered as being attributable to a particular Sub-Fund, such expense shall be allocated to all the Sub-Funds pro rata to their NAV’s or in such other ways that the Directors deem equitable.

Notwithstanding the provisions of the preceding paragraph, all liabilities of the Company, whatever Sub-Fund they are attributable to, shall, unless otherwise agreed upon with the creditors, be binding upon the Company as a whole.

f) Swing pricing

In certain circumstances, subscriptions, redemptions, and conversions in a Sub-Fund may have a negative impact on the net asset value per Share. Where subscriptions, redemptions, and conversions in the Sub-Fund cause the Sub-Fund to buy and/or sell underlying investments, the value of these investments may be affected by bid/offer spreads, trading costs and related expenses. This investment activity may have a negative impact on the net asset value per Share called dilution. In order to protect existing or remaining investors from the potential effect of dilution, the Company may apply an anti-dilution levy or a “swing pricing” methodology.

The Company may apply a “swing pricing” methodology which adjusts the net asset value per Share to account for the aggregate costs of buying and/or selling underlying investments. The net asset value per Share will be adjusted by a certain percentage set by the Board of Directors from time to time for each Sub-Fund called the “swing factor” which represents the estimated bid-offer spread of the assets in which the Sub-Fund invests and estimated tax, trading costs, and related expenses that may be incurred by the Sub-Fund as a result of buying and/or selling underlying investments (called the Swing Factor). Generally, the Swing Factor will not exceed two percent (2%) of the net asset value per Share.


77



d) Swing pricing (continued)

As at 30 June 2020, the Directors have not implemented this policy and there were no pricing adjustments during the year.

e) Dividends payable

Each Sub-Fund can offer distributing Shares and non-distributing Shares. Shares Classes confer the right to dividend distributions (Distribution Shares) or not (Accumulation Shares). Distribution Shares and Accumulation Shares issued within the same Sub-Fund are represented by different Share Classes.

f) Formation expenses

The costs and expenses incurred in connection with the formation of the Company are estimated to an amount of approximately EUR 250,000, subject to the possibility for another entity of the AIA group to support them. Such costs and expenses are borne by the Company and are amortised over a period of up to five years from the date of the incorporation of the Company. New Sub-Funds created after the incorporation and launch of the Company can participate in the non-amortised formation costs and expenses of the Company.

3. Investment Management fees

AIA Investment Management Private Limited, as Investment Manager is entitled to receive fees from the Company in respect of their respective investment management services. The management fees are calculated based on a certain percentage per annum of the net asset values of the various Sub-Funds.

The maximum percentages of management fees at 30 June 2020 are as follows:

AIA Asia (Ex Japan) Equity Fund

Class I (USD): up to 0.75% Class Z (USD): N/A

AIA Diversified Fixed Income Fund

Class I (USD): up to 0.50% Class Z (USD): N/A Class ZDS (USD): N/A

AIA Global Multi-Factor Equity Fund


AIA Global Quality Growth Fund



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3. Investment Management fees (continued)

AIA Greater China Equity Fund

Class I (USD): up to 0.75%

AIA New Multinationals Fund


AIA India Equity Fund

Class I (USD): up to 0.75%

Investment Management fees for the period ended 30 June 2020 amounted to USD 1,750,640.

4. Administration fees

HSBC France, Luxembourg Branch, as Administrator Agent is entitled to receive administration fees determined as an annual percentage based on the net asset value of each Sub-Fund as of each valuation day, as follows:

Daily net asset value:

USD 0 - USD 1,000,000,000 0.0125%Above USD 1,000,000,000 0.005%

This fee is subject to a minimum fee considered over the asset under management of the whole SICAV equivalent to USD 30,000 per Sub-Fund per annum, computed on a daily basis, split according to each Sub-Funds’ net assets.

The minimum fee is waived for the first 24 months following the launch of each Sub-Fund.

5. Depositary fees

HSBC France, Luxembourg Branch, as depositary is entitled to receive depositary fees determined as an annual percentage based on the net asset value of each Sub-Fund as of each valuation day, as follows:

Daily net asset value:

USD 0 - USD 1,000,000,000 0.0075%Above USD 1,000,000,000 0.003%

This fee is subject to a minimum fee considered over the asset under management of the whole SICAV equivalent to USD 15,000 per Sub-Fund per annum, computed on a daily basis, split according to each Sub-Funds’ net assets.

The minimum fee is waived for the first 24 months following the launch of each Sub-Fund.


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6. Management Company fees

FundRock Management Company S.A. was appointed by the Company as Management Company of the Company in accordance with the provisions of the Management Company Agreement effective as of 24 May 2019.

The Management Company is responsible, subject to the overall responsibility and supervision of the Directors, for the provision of portfolio and risk management services, administrative services and marketing services to the Company, and more generally for the day-to-day management of the affairs of the Company as further described in the Management Company Agreement.

The Management Company is entitled to an annual fee up to a maximum of 0.015% of the net asset value of each Sub-Fund or Share Class and paid out of the assets of the Company and allocated to each Sub-Fund and Share Class.

The Management Company fees accrue on each valuation day and is payable on a monthly basis at the percentage rate agreed between the Company and the Management Company, subject to an annual minimum fee of EUR 1,250 per Sub-Fund (which will not apply for the first 12 months after the launch of the relevant Sub-Fund) and the above-mentioned maximum.

7. Directors’ fees and expenses

The members of the Board of Directors may be entitled to receive a fee in consideration for their function. However, members of the Board of Directors who are also directors, officers or employees of the initiator of the Company or its affiliates will be requested to waive their fees.

The Company also reimburses the members of the Board of Directors for appropriate insurance coverage and expenses and other costs incurred by the members of the Board of Directors in the performance of their duties.

Directors’ fees for the period ended 30 June 2020 amounted to USD 15,178.

8. Subscription tax

Under current law and practice, the Company is not liable to Luxembourg taxes on income or capital gains. The Company is subject to the “taxe d’abonnement” (subscription tax) at the rate of 0.05% per annum, except for the share classes dedicated to institutional investors which benefit from a reduced tax rate of 0.01%.

Interest and dividend income, and gains on securities, may be subject to non-recoverable withholding taxes deducted at source in the countries of origin.

9. Taxation

No stamp duty or other tax is generally payable in Luxembourg on the issue of Shares for cash by the Company. Any amendments to the Articles of Association are as a rule subject to a fixed registration duty of EUR 75.

No tax is payable in Luxembourg on realised or unrealised capital appreciation of the assets of the Company. The regular income of the Company from some of its securities as well as interest earned on cash deposits and capital gains in certain countries may be liable to withholding taxes at varying rates, which normally cannot be recovered.


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9. Taxation (continued)

The Company is considered in Luxembourg as a taxable person for value added tax (VAT) purposes without any input VAT deduction right. A VAT exemption applies in Luxembourg for services qualifying as fund management services. Other services supplied to the Company could potentially trigger VAT and require the VAT registration of the Company in Luxembourg.

No VAT liability arises in principle in Luxembourg in respect of any payments by the Company to its investors, to the extent such payments are linked to their subscription to the Shares and do, therefore, not constitute the consideration received for taxable services supplied.

10. Transaction costs

For the period ended 30 June 2020, the Company incurred transaction costs related to purchase or sale of securities as follows:

Transaction costs are incorporated directly in dealing prices of assets and are not reported as a separate line in the Statement of Operations.

11. Dividends Distribution

AIA Asia (Ex Japan) Equity Fund USD 150,579AIA Diversified Fixed Income Fund USD -AIA Global Multi-Factor Equity Fund USD 8,892AIA Global Quality Growth Fund USD 17,300AIA Greater China Equity Fund USD 32,944AIA New Multinationals Fund USD 20,235AIA India Equity Fund USD 182,996

AIA Diversified Fixed Income Fund

Share Class Code Ex Date Pay Date

Rate Per

Share

Number of

Shares

Dividend paid

in USD

Class ZDS (USD) 30 June 2020 10 July 2020 USD 0.155491 5,000,000 777,455


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12. Performance for the period

Past performance is not necessarily a guide to future performance and does not take into account fees or commissions that may occur on subscription or redemption.

13. Subsequent events

It is expected that Mr. Gregory Nicolas, member of the Board of Directors, resign at the beginning of September 2020, the exact date has to be confirmed. Discussions are ongoing to propose a replacing Director.

30 June 31 December

2020 2019

AIA Asia (Ex Japan) Equity Fund (USD)

Class I (USD) (4.69)% 6.11%

Class Z (USD)^ 11.07% -

AIA Diversified Fixed Income Fund (USD)

Class I (USD) 4.65% 4.23%

Class Z (USD)*** 5.59% -

Class ZDS (USD) 4.91% 4.49%

AIA Global Multi-Factor Equity Fund (USD)

Class I (USD) (2.35)% 5.74%

Class Z (USD)*** 6.34% -

AIA Global Quality Growth Fund (USD)

Class I (USD) 24.52% 2.02%

Class Z (USD)*** 18.85% -

AIA Greater China Equity Fund (USD)

Class I (USD) 0.10% 8.83%

AIA New Multinationals Fund (USD)

Class I (USD) (6.68)% 7.12%

Class Z (USD)*** 8.73% -

AIA India Equity Fund (USD)*

Class I (USD)** 10.97% -


**This Share Class was launched on 9 April 2020.

***This Share Class was launched on 6 May 2020.

^This Share Class was launched on 22 May 2020.


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ADDITIONAL DISCLOSURES

Remuneration Policy

FundRock Management Company S.A. (“FundRock”) has established and applies a remuneration policy in accordance with the principles laid out under the AIFMD and UCITS V directive, and any related legal & regulatory provisions applicable in Luxembourg. The remuneration policy is aligned with the business strategy, objectives, values and interests of the Management Company and the Funds that it manages and of the investors in such Funds, and which includes, inter alia, measures to avoid conflicts of interest; and it is consistent with and promotes sound and effective risk management and does not encourage risk taking which is inconsistent with the risk profiles, rules or instruments of incorporation of the Funds that the Management Company manages.

As an independent management company relying on a full-delegation model (i.e. delegation of the collective portfolio management function), FundRock ensures that its remuneration policy adequately reflects the predominance of its oversight activity within its core activities. As such, it should be noted that FundRock’s employees who are identified as risk-takers under UCITS V are not remunerated based on the performance of the funds under management.

A paper version of the remuneration policy is made available free of charge to investors at FundRock’s registered office.

The amount of remuneration for the financial year ending 31 December 2019 paid by FundRock to its staff: EUR 10,495,187 Fixed remuneration: EUR 10,042,867 Variable remuneration: EUR 452,319

Number of beneficiaries: 119

The aggregated amount of remuneration for the financial year ending 31 December 2019 paid by FundRock to Identified staff/risk takers is as follows: Identified staff/risk takers: EUR 1,196,213 Other risk takers: EUR Nil

The total amount of remuneration is based on a combination of the assessment of the performance of the individual, the overall results of FundRock, and when assessing individual performance, financial as well as non-financial criteria are taken into account.

The Policy is subject to annual review by the Compliance Officer and the update is performed by HR department of FundRock and is presented for review to the Remuneration Committee and approval by the Board of FundRock.


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ADDITIONAL DISCLOSURES (CONTINUED)

Risk transparency disclosures

The Board of Directors has decided to implement the following methodology to calculate the global exposure for each of the below mentioned Sub-Funds.

Sub-Fund Methodology applied for measuring the Global Exposure

AIA Investment Funds - AIA Asia (Ex Japan) Equity Fund Commitment approachAIA Investment Funds - AIA Diversified Fixed Income Fund Commitment approachAIA Investment Funds - AIA Global Multi-Factor Equity Fund Commitment approachAIA Investment Funds - AIA Global Quality Growth Fund Commitment approachAIA Investment Funds - AIA Greater China Equity Fund Commitment approachAIA Investment Funds - AIA New Multinationals Fund Commitment approachAIA Investment Funds - AIA India Equity Fund Commitment approach

Securities Financing Transactions

As at 30 June 2020, the Company is currently in the scope of the requirements of the Regulation (EU) 2015/2365 on transparency of Securities Financing Transactions Regulation (“SFTR”). Nevertheless, no corresponding transactions were carried out during the year referring to the financial statements.

Documents

AIA Investment Funds · 2020. 6. 30. · AIA Investment Funds Société d'Investissement à Capital Variable (SICAV) R.C.S. Luxembourg B234950 SEMI-ANNUAL REPORT AND UNAUDITED FINANCIAL